Buy to Let Mortgages in Ipswich, Suffolk

Extensive Range of ServicesAcross all lending sectors

Friendly Professionals delivering honest and knowledgeable advice

Whole of Market Accessfinding the right solution for you

Remote Servicingexpert advice without you leaving your home or business premises

What is buy to let mortgage?

Buy to Let is the common name for a mortgage where you are looking to purchase a property to rent out. The property must be a residential property and usually on a single tenancy (AST) and have no commercial element to it. Where there is more than one AST these are commonly known as a House of Multiple Occupancy (HMO) see HMO for more information.

In lots of ways, it works similar to a residential mortgage other than the loan is based on the rental income expected and not on your personal income multiples. Lenders normally work out the maximum based on the following calculation 140% at pay rate on 5 year fixed products. E.G a property earning £500 per month rent and a rate of 3.4% would be calculated as below.

(£500×12)/140%/3.4% = £126,050 maximum lend subject to LTV limits

Where this calculation will not meet the desired loan again a few lenders will use the spare income you may have to meet the rental shortfall known as top-slicing. Check out our buy to let stamp duty calculator.

Loans to values to 85% of the purchase price are available.

Most lenders will expect you to either own your residential property with or without a mortgage or have other investment property. The reason for this is to discourage buying a property under a Buy to Let mortgage and then moving into it due to the removal of income multiples.

There are few lenders that will allow you to purchase a buy to let without owning your own home but these can be subject to criteria such as the following, this is being it is seen as a higher risk to the lender:

  • Larger deposits
  • Minimum income levels needed
  • Higher rates

Need help? Get in touch today for expert advice.

Contact us

See What Our Customers Think

  • 5 star review  We came to Aaron on the recommendation of a friend, we were in a tough spot facing a very high interest rates as we had some adverse credit. However Aaron... read more

    thumb John Martin

    5 star review  From our initial enquiry to getting the offer accepted Aaron has gone above and beyond on many occasions ensuring that we have the very best offer available and suitable for... read more

    thumb Julie Hinchley

    5 star review  I cannot recommend Try Financial enough! Aaron was absolutely fantastic when helping us get our mortgage from start to finish he has been so helpful, really professional and has honestly... read more

    thumb Tillie Banyard

    5 star review  Highly highly recommend Try Financial. Martin you are a star! He was professional, worked incredibly hard and did an amazing job on helping us with several mortgages and refinancing over the... read more

    thumb jamshid nazari
  • 5 star review  Aaron was very helpful throughout all stages of the mortgage application, always available to help with our questions and liaise with both the lenders and our vendors agents where necessary. We... read more

    thumb Geoff Cutts

    5 star review  Me and my husband are first time buyers and found Aaron to be incredibly helpful with everything and responded very quickly when we had any queries. Would highly recommend for... read more

    thumb Eden Scott

    5 star review  Me and my wife are first time buyers. After finding a house Aaron promptly sent us the fact find forms. After we had returned these we had a... read more

    thumb Gareth Scott

    5 star review  Reading through these reviews I may have thought they were fake reviews as they’re just too good - but having experienced the expertise and professionalism of Aaron at TRY Financial... read more

    thumb Nicola Emerick

Get in touch with us today for fully independent, expert mortgage lending and protection advice

©Try Financial

Website by Unity Online