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Buy to Let Mortgages

Our Buy to Let mortgages are specially designed for people who want to invest in property to let out and generate income.

When you buy property as an investment, you won’t be able to fund your purchase with a normal residential mortgage. Instead, you’ll need a specialist buy to let mortgage.

Many buy to let mortgages are provided on an interest only basis.   So in the short term, your outgoings will be less each month, but you’ll need to pay off the full loan or refinance at the end of your mortgage term.

You’ll need a deposit of at least 25% of the value of the property. The bigger the deposit you put down, the better the rate you may be able to get.

The amount of rent you can charge depends on the type of property you choose, how you furnish it, who you are attracting as tenants and the market at that time.

Choosing the right buy to let mortgage

At the Melton, we offer three types of buy to let mortgages:

Regulated buy to let

This type of mortgage is for a property that you or a member of your family will occupy either now or in the future.

Consumer buy to let

These are mortgages for people who let out a property, but did not plan to and have become ‘accidental landlords’.

It happens when the property has been inherited or when the owner, having previously lived in the property, is unable to sell it and chooses to let it out.

Business buy to let

This buy to let mortgage is suitable for when you purchase property purely as a commercial decision to generate income.

If you wish to invest in a holiday home or property to take advantage of holiday rental rates, we also offer a Holiday Buy to Let mortgage

Take a look at our current buy to let mortgages below:

Mortgage Product Maximum Loan to Value Initial Rate Followed by our Standard Variable Rate The overall cost for comparison Product Fees Deposit amount
Business Buy to let – 3 Year Discounted Rate 2.19% 60% 2.19% 4.99% 4.5% APRC

Based on a £120,000 mortgage, secured by first charge on the property, repaid on an interest only basis over a 20 year term: 36 monthly payments at a variable rate of 2.19%, (£219.00) £7884.00. 204 monthly payments at standard variable rate (currently 4.99%), (£499.00) £101,796.00. Valuation fee on property of £261,000 payable when you apply £330 (scale applies). Telegraphic Transfer fee payable when you apply £25. Solicitors fees payable to your conveyancer (estimated) £360. Mortgage Discharge Fee payable at the end of your mortgage £150. Loan amount payable at the end of the mortgage £120,000. Total Amount Payable £230,545.00

Consumer Buy to Let 3 Year Discounted Rate 2.19% 60% 2.19% 4.99% 4.5% APRC
Holiday Buy to Let – Discounted Rate for Term 2.49% 60% 2.49% n/a 2.6% APRC £798
Family Buy to Let – Discounted Rate for Term 2.99% 60% 2.99% n/a 3.1% APRC
Family Assist Student Buy to Let 2.99% 60% 2.99% n/a 4.7% APRC
Business Buy to Let – 3 Year Discounted Rate 2.49% 75% 2.49% 4.99% 4.6% APRC £399
Remortgage Business Buy to let – 3 Year Discounted Rate 2.49% 75% 2.49% 4.99% 4.6% APRC £399
Family Buy to Let – Discounted Rate for Term 3.29% 75% 3.29% n/a 3.4% APRC £598
Consumer Buy to Let 3 Year Discounted Rate 2.49% 75% 2.49% 4.99% 4.6% APRC £399
Holiday Buy to Let – Discounted Rate for Term 2.99% 75% 2.99% n/a 3.1% APRC £798
Business Buy to Let – 5 Year Fixed Rate 2.55% 75% 2.55% 4.99% 4.4% APRC £999
Family Assist Student Buy to Let 3.29% 75% 3.29% n/a 4.8% APRC £598

Top tips for successfully buying to let

Work out your budget

Know how much you’ll have to spend before you start looking for a buy to let property.

We can help you work out an affordability budget to give you a clear idea of how much you may be able to borrow.Generally speaking, the minimum income requirement is usually £25,000 for a buy-to-let mortgage application. You’ll also need enough for a deposit so it makes sense to start saving. We can help with that, too. Check out our savings accounts here.

Do your research

Before you sort out the mortgage you’ll need to take some time to research the type of property you’re going to buy and the area it’s in. Are your ideal tenants young professionals or a family?

Some buy-to-let investors look for properties near where they live, thinking that it will be easier to keep an eye on it. It’s often a good idea to consider places with excellent commuting links. University towns make perfect sense if you’re focusing on a student let.

Take a wider view

Consider properties that need improvement or renovation. This is an effective way of boosting the value of your investment.

Go and see properties at different times of the day, and take pictures or even videos on your phone so you can refer back to what you saw later, to compare with other potentials.

Why we’re a great choice

Whether you’re thinking about a new build, ex local authority, a student house or a holiday home, we can offer a range of buy to let mortgage options to suit your needs.

Our experienced team can talk you through which deals are available and help you decide which one is right for you.

Take a look at our buy to let hub

Next steps

For a chat about how you can find the best buy to let mortgage for your needs, get in touch today. Call us on 01664 414141 to fix a convenient appointment.

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