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Mortgage & Equity Release - Call Us 0117 403 4474

What is your mortgage for?

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1.19% APR

  • Fixed for 26 months
  • Overall cost for comparison 4.50%

Representative Example:

Mortgage of £100,000 on property valued at £200,000 over term of 25 years. Tracker rate for 26 months after then reverts to Platform's variable rate of 4.74%.

Call us on 0117 403 4222

1.64% APR

  • Fixed for 62 months
  • Overall cost for comparison 3.70% APR

Representative Example:

Mortgage of £100,000 on property valued at £200,000 over term of 25 years. Tracker rate for 62 months after then reverts to the Lender's variable rate of 4.74%.

Call us on 0117 403 4222

Buy To Let Mortgages With 15% Deposit

UK Buy to Let Mortgage rates are at all time lows!

See the tables below for a selection of leading deals or use our independent buy to let mortgage advice service to compare the market.

Details sort by initial rateLenderInitial rate Rate type Overall cost for comparisonMax LTVProduct feeMonthly cost Enquire
Initial rate: 5.34%
Rate type: Fixed 24 months
Monthly cost: £1541.65 per month
Max LTV: 85%
Product fee: £1,999
Overall cost for comparison: 5.0% APRC
Kensington logo 5.34% Fixed 24 months 5.0% APRC 85% £1,999 £1541.65 per month get quotes Call us0117 403 4474 More details Broker Only Deal
Initial rate: 5.34%
Rate type: Fixed 24 months
Monthly cost: £1541.65 per month
Max LTV: 85%
Product fee: £1,999
Overall cost for comparison: 5.0% APRC
Kensington logo 5.34% Fixed 24 months 5.0% APRC 85% £1,999 £1541.65 per month get quotes Call us0117 403 4474 More details Broker Only Deal
Initial rate: 5.54%
Rate type: Fixed 60 months
Monthly cost: £1572.02 per month
Max LTV: 85%
Product fee: £1,999
Overall cost for comparison: 5.3% APRC
Kensington logo 5.54% Fixed 60 months 5.3% APRC 85% £1,999 £1572.02 per month get quotes Call us0117 403 4474 More details Broker Only Deal
Initial rate: 5.54%
Rate type: Fixed 60 months
Monthly cost: £1572.02 per month
Max LTV: 85%
Product fee: £1,999
Overall cost for comparison: 5.3% APRC
Kensington logo 5.54% Fixed 60 months 5.3% APRC 85% £1,999 £1572.02 per month get quotes Call us0117 403 4474 More details Broker Only Deal

Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

 

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

 

In this example the overall cost for comparison is 3.7% APRC representative.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

Buy To Let Mortgages With 15% Deposit

As a general rule, buy to let mortgages tend to be more expensive than homeowner loans. Whilst residential mortgages can often be picked up with a deposit as little as 5%, obtaining a buy to let mortgage usually requires a more substantial deposit.

In general, lenders will tend to ask for a deposit of around 25% of the property’s value when looking to take out a buy to let mortgage. However, providing you meet the lenders' criteria, there are lenders available who are willing to accept deposits of as little as 15%!

Changes to the buy to let regulations

From 2017, changes to how the buy to let mortgage market is regulated will be implemented that may cause landlords to experience difficulty when applying for property finance.

To adhere to the changes, lenders will look at landlords’ applications for buy to let mortgages with more scrutiny than before.

A higher rental coverage: Lenders will now require landlords to have a higher rental coverage than before. In order to secure a buy to let mortgage, landlords will need a rental coverage ratio of at least 145% for a standard buy to let and 170% for a house in multiple occupation.

A stricter income stress test: Lenders will now apply a stricter stress test than before. As a result, landlords will have to prove that they can afford repayments in the event that interest rates increase to 5.5%.  

A full review of the entire portfolio: Lenders will now review a landlord’s entire property portfolio before granting a buy to let mortgage. Landlords can no longer spread equity across their portfolio and lenders will not grant a buy to let mortgage if a landlord has a property that is not profitable. 

Am I eligible for a 15% deposit buy to let mortgage?

Finding and securing a buy to let mortgage with a lower deposit is likely to be a more difficult process than securing a regular buy to let mortgage. The chances of you securing a buy to let mortgage with a 15% deposit will likely depend on your personal circumstances. Before handing you a mortgage with a reduced deposit, a lender is likely to take the following (along with other factors) into consideration.

  • Credit Rating – If a lender can see that you have had problems in the past with credit, they might feel less inclined to accept a smaller deposit from you for a buy to let mortgage. It’s worth noting that having a poor credit history does not necessarily mean you will not be able to find a buy to let mortgage at all, it more likely means lenders will ask you for a deposit of around 20-25% of the property’s value.
  • Age – Lenders tend to view older investors as a higher risk investment, and consequently are likely to ask for a higher deposit when it comes to buy to let mortgages.

How we can help

As lenders who are willing to accept a 15% deposit are more hard to come by than regular buy to let mortgages, you are likely to benefit from contacting a mortgage broker or independent financial adviser. As a mortgage broker, we offer specialist and unbiased advice to assist you achieve your mortgage goals.

We work with the majority of UK lenders, and have access to exclusive buy to let mortgage deals that are not available on the high street, which means we can make that process of finding a mortgage with a 15% deposit that bit easier.

To find out if you might be eligible to obtain a buy to let mortgage with a 15% deposit, why not call us today or fill in our online contact form to request a call-back for a free initial consultation with one of our advisers.

15% deposit for a buy to let mortgage

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