Lloyds Buy To Let Mortgages
Our Buy to Let Mortgage Service
Why choose us?
We can provide you with a first class service if you are looking for buy to let mortgage advice.
Special features of what we offer include:
- Whole of market broker - we can compare Lloyds Bank with most UK buy to let lenders
- Access to leading buy to let market rates
- Access to exclusive buy to let mortgage deals not available on the high street
- Expert help whether you are a first time investor or full time landlord
- We have lenders who will take into account previous defaults and missed payments
- Complex buy to let or have a portfolio of 5+ properties? - speak to us
To investigate your buy to let mortgage options including Lloyds Bank call our specialist team on 0117 403 4474 or fill in our call back form.
"The essence of the Fair Mortgages service is professional,independent buy to let mortgage advice brought to you by a team of specialist advisers and experienced administration support".
Lloyds Buy to Let Mortgages
Lloyds can trace its origins back to 1765, and now offer a wide range of buy to let mortgages across the Lloyds Banking Group, one of which could present the right product for you. However, securing a buy to let mortgage can be a large commitment so you may benefit from first shopping around. Alternatively, you may want to speak to an independent mortgage adviser to try and find the best deal available for your circumstances.
Lloyds buy to let Mortgages eligibility:
- You must be at least 25 years old
- Not be over 75 years old at the end of the mortgage term
- You need to have had a mortgage before
- The property must be in good condition and not divided into separate units
- You can have a maximum of three buy to let mortgages, or borrow up to £2million across the whole of the Lloyds banking group which includes: Birmingham Midshires, Band of Scotland, Scottish Widows, Halifax, Intelligent Finance, The Mortgage Business and Lloyds Bank
Getting a buy to let mortgage:
Before taking out a buy to let mortgage, it can be a good idea to shop around providers to try and find the product that offers you the best deal while still fitting your specific criteria. You may want to consider how much you can afford to put down as a deposit and what kind of property you intend to buy.
You may also want to consider enlisting the service of an independent mortgage broker. Not only can a professional, independent, adviser offer you impartial advice throughout the process, but they can use their expertise to find the best products available to you from a range of providers. There are even a selection of smaller lenders, who offer specialist mortgages, which can only be accessed via an intermediary.
If you think you may benefit from the aid of an independent mortgage adviser, you can fill in our online contact form to request a call back from our buy to let advisory team and receive a free initial consultation about mortgages. Alternatively, or you can contact us directly on: 0117 403 4474
About buy to let mortgages:
Although you would think that in principle getting a buy to let mortgage would be largely similar to securing a home buyer mortgage there are a few key differences.
While it is possible to secure home buyer mortgages with relatively small deposits, as buy to let mortgages are seen as being of higher risk, lenders generally require larger deposits. Lenders will usually require borrowers to put down deposits of at least 25% of the property’s value, although there are options available for smaller deposits.
Unlike traditional mortgages where affordability is calculated as a multiple of the applicant’s annual income, buy to let mortgages are often based upon the estimated rental value of the property. Lenders usually require the monthly rental yield of the property to be at least 145% of the monthly rental payments.
Income stress test
When applying for a buy to let mortgage with Lloyds, it is important to note that lenders apply a strict income stress test. Landlords have to demonstrate that they can afford mortgage payments in the event that interest rates increase to 5.5%.
Review of portfolio
For landlords with multiple properties Lloyds will review their entire property portfolio to ensure the landlord has a history of successful and profitable buy to let properties. Lenders, including Lloyds, will no longer provide a buy to let mortgage for landlords with one or more properties that are not profitable.
Call us on 0117 403 4474 for buy to let mortgage advice or complete our callback form.