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    Your Guide to Buy-to-Let Mortgages

    There is plenty to keep in mind when purchasing a property for rental purposes. Whether you’re looking to rent to students, other tenants or family members, find out how to get the best buy-to-let mortgage for your situation.

    How they work

    If you’re wanting to rent a property out to tenants, you will need a buy-to-let mortgage. These mortgages are designed for landlords and whilst they are quite similar to residential mortgages, there are distinctive differences between the two. You’ll likely need a bigger deposit to secure a buy-to-let mortgage, you may also be charged higher interest rates and larger upfront fees.

    Buy to let mortgages are often interest-only loans, meaning you’ll only repay the interest until the mortgage term has finished, after which you’ll have to repay the loan in full. You can do this by either selling the property or simply paying off the loan via other means. However, it is possible to secure a buy to let mortgage on a repayment (capital and interest) basis.

    Mortgage Calculator

    Please try out our mortgage calculator below to see what your mortgage repayments might look like. Please bear in mind that this is only an estimate and a guide and is not an indicator of what is available, please contact us for more information.


    The Criteria for BTL Mortgages

    To secure a buy-to-let mortgage, you will usually need at least 25% deposit, although just 20% may be possible depending on your circumstances. As with any other mortgage, the higher the deposit the better the deals will be, so keep this in mind when applying for a buy to let mortgage.

    You’ll also need to provide the same documents you would when applying for a standard residential mortgage. This includes, but is not limited to:

    • Bank statements
    • Proof of income
    • Proof of deposit

    Buy to let mortgage’s may also be available if you’re a first time buyer just looking to invest in property or maybe start a portfolio. Please get in touch to find out what your options are.

    Your home may be repossessed if you do not keep up repayments on your mortgage

    Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority

    What is a remortgage

    We hope the remortgage video helps explain things but if you're unsure then just drop us a line and lets talk about your options

    Can I borrow additional money when I apply for my mortgage?

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    In some circumstances you are able to borrow more that the discount purchase price when you make your application. The only reason you are allowed to borrow more money is for home improvements and not all lenders allow this as part of their lending policy around right to buy.

    As an example of what may be possible lets assume you are buying your council home and you have a discount of 40% and the value of your home is £100,000.

    Specific lenders would allow the following – you could use the 40% discount as the deposit and ordinarily borrow £60,000 to purchase your home, but you think that you’d like to renovate the kitchen and bathroom. You know that this will cost you £15,000 to do. as long as we have quotes showing this then some mortgage lenders will allow you to borrow £75,000 (£60,000 for the purchase and the additional £15000 for the renovation works) at the same time.

    Before You Do Anything Else – Have You Read Our Reviews? Click Here To Read Them!

    If you’re thinking about applying for the right to buy the first place to start is by talking to us so we can make sure that you’ll be able to get the mortgage that you’ll need. Once we have confirmed you are eligible for a mortgage we can help you with the right to buy application and talk you through the full process along with helping to explain the legal side and making sure that your paperwork is filled in correctly to prevent time wasting and unnecessary delays to your home ownership.

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