Halifax Buy To Let Mortgages
Halifax offers a range of buy to let mortgages for landlords, including existing Halifax customers and new customers.
To qualify for a buy to let mortgage from Halifax you must:
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Be at least 25 years old
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Not be over 75 by the time your mortgage term ends
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Not be a first time buyer
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Already own a UK property
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Have at least a 25% deposit
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Have been employed for at least 3 months or self-employed for 12 months
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Be buying a property worth over £40,000
Fair Mortgages buy to let mortgage broker service
Our experienced specialist mortgage brokers offer buy to let landlords:
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Access to the whole market – compare Halifax buy to let mortgages with all other UK lenders
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Market leading mortgage rates – all the best deals on the market right now
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Exclusive loan deals not available on the high street – including intermediary-only and private lenders
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Quick turnarounds – get your mortgage approved faster with us
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Mortgages for customers with bad credit history – we have access to mortgage providers who lend to people with previous defaults and missed payments
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Additional finance for existing mortgage holders – second charge mortgages and bridging loans if you need to raise extra capital on mortgaged properties
To investigate your mortgage options, call our mortgage broker team on 0117 403 4474 or use the call back request form on the right.
Changes to the buy to let mortgage market
The Bank of England’s Prudential Regulation Authority made changes to the regulations that govern the buy to let mortgage market. This affected the way that lenders, including Halifax, consider buy to let mortgage applications.
Firstly, lenders will take an in-depth look into the landlord’s property portfolio to ensure that all of the landlord’s properties are profitable. Lenders will no longer look at properties in isolation and therefore landlords cannot spread their equity across their portfolios. As a result, if a landlord has one or more properties that are not profitable, then a lender will not provide the buy to let mortgage.
Secondly, lenders will apply a stricter income stress test than in previous years. Landlords’ income will be subject to a stress test to determine whether they can afford mortgage repayments. If a landlord cannot afford mortgage payments in the event that interest rates increase to 5.5%, then a lender will not provide the buy to let mortgage.
Finally, although Halifax does not solely focus on this, many lenders require landlords to have a rental coverage ratio of 145% for standard buy to lets and 170% for houses in multiple occupations. The requirement for at least 145% rental coverage ratio is to ensure mortgage payments are made and to account for any period of time where a landlord’s property is without tenants.
How does a buy to let mortgage from Halifax work?
A buy to let mortgage is a specific type of mortgage for purchasing a property that you intend to rent out. Buy to let mortgages can be used for either residential or commercial rental property.
The amount you will be able to borrow with a buy to let mortgage depends on a variety of factors including the size of your deposit and your previous credit history.
The maximum loan size on a single property is currently £1million with Halifax and you can hold up to a maximum of three mortgages with a total combined value of £2m.
Why choose a Halifax buy to let mortgage deal?
Halifax offers a range of features and benefits to landlords taking out a mortgage with them. Some of these benefits could include:
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Choose from a range of tracker buy to let mortgage deals offering up to 75% loan to value (LTV)
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Halifax expert mortgage advisers will help you arrange a survey and help find someone to handle your conveyancing
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Simple and straightforward buy to let mortgage application process – begin your mortgage application online, over the phone, or personally at your nearest Halifax branch.
Compare Halifax buy to let mortgages with other leading leaders
Our specialist independent buy to let mortgage brokers can help you find the very best deal on a mortgage for rental properties. We have access to the whole of the market, so we can also find you the most attractive deals currently available.
To find the right buy to let mortgage option for you, call Fair Mortgages today on 0117 403 4474 or request a call back using the form on the right.