Buy-to-let Mortgage

For example a lender may need the monthly rental income to cover the mortgage amount at 140% based on 5.5%. To support a mortgage of £150,000 @ 5.5% @ 140% / 12 months = £962.50 monthly rental income is required.

Your adviser will be able to let you know the stress rates from each lender and calculate the maximum loan based on the property if you can provide the anticipated rental income.

How much income do I need? There are lenders available who have no minimum income and a few who are happy with no income at all basing the loan amount solely on the property’s rental income. However, the standard high street lenders do tend to have a minimum income requirement which is around £20,000 – £30,000, varying between lenders.

Mortgage Advice Bureau’s advisers offer a free no obligation consultation when you contact them. Their advisers are experts in their field and have access to 90 lenders or more, therefore we will find you the right mortgage suited to your circumstances.

Please Note: There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.’