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Mortgages for rental property

Our Mortgage Service - helping you make the right decision

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. 

As your mortgage is such an important transaction, good advice is imperative.

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"We know that the internet is the first port of call for many people when looking for mortgage solutions; our view is, yes use the internet to do your own research , but then bring it to us and we’ll let you know how your findings compare and then give you the information and advice you need - so that you can make the right decision for your future.” Adam Arnott, Head of Mortgages & Protection

Compare mortgages for rental property

If you want to buy a rental property using a mortgage, you first need to decide whether you want to rent the property to residential tenants or to holidaymakers on a short term basis. It’s important to consider these points before you approach a potential mortgage providers.

Mortgages for rental property – buy to let

If you want to rent out your property as a landlord to full-time tenants, you will need a specialist buy-top-let mortgage. These types of mortgages usually require a higher minimum deposit than you might usually expect to pay on a residential mortgage. Mortgages for rental properties for buy to let also tend to offer lower loan to value deals when compared to residential mortgage deals. Mortgages for rental property tend to start at around 60-75% loan to value, whereas in the residential mortgage market, loan to values rates of up to 95% are obtainable in some circumstances.

Costs to consider with mortgages for rental property

Mortgages for rental property often charge higher fees which can be an important initial expense to consider, especially when you take into account that mortgages for rental property often also have higher interest rates.

Your ability to afford the mortgage will be calculated using the amount of rental income that you can reasonably expect to accrue from letting out the properly. Most mortgage providers for rental property will want to see a projected monthly rental rate that is at least 125% of the mortgage repayments. 

Speak to our specialist team to help you find the right mortgage option for you. To speak to one of our mortgage advisers click here »

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