• A Buy-to-let mortgage is a loan specifically for people that want to buy a property for renting out to tenants.
  • Regular residential mortgages will have a clause preventing homeowners from renting out their property, so it's important to ensure the type of mortgage you acquire permits letting.
  • Many BTL mortgages will have a "fixed-rate" introductory rate, which is the period where the lender fixes the interest rate for a certain period of time. Anywhere between 1-5 years is common for a fixed rate. After the fixed rate expires, the lender will put the borrower onto their Standard Variable Rate (SVR), which is typically a lot higher than the introductory rate (making mortgage payments more expensive).
  • Once you're on your lender's Standard Variable Rate (SVR), your monthly payments can frequently change, because your interest rate is no longer fixed. One of the driving factors of changing interest rates is the Bank of England base rate.
  • Most lenders will NOT allow you to change your mortgage during the fixed term. However, once the fixed term has expired, you will be able to remortgage (i.e. find a new mortgage with or without your current lender) in order to find a better deal.
  • Remortgaging is one of the best and most effective ways of keeping mortgage payments down, and potentially saving thousands of pounds on interest payments.

RECOMMENDED BTL MORTGAGE BROKER

Habito is a FREE online buy-to-let specialist mortgage broker, who search the whole market to get the best mortgage deals for landlords. They work with over 80 mortgage lenders and access to 13,000+ BTL mortgages!

We recommend Habito because their service is 100% free for borrowers, they’re rated very highly on TrustPilot (currently 4.8/5), and because they make it incredibly easy; you’ll get your own personal broker to support you through your whole buy-to-let application. They’ll be there every step of the way.

Habito search the whole market for the best buy-to-let deals; that’s around 80 lenders and 13,500 mortgages, which includes everyone from Barclays to Landbay.

While Landlord Market's recommendations are completely independent, we may receive payment or benefit from recommending certain products or services, which helps LandlordMarket.co.uk provide a free service, but our recommendations are not influenced by those incentives.

We do our best to ensure that the information on this site is up to date and accurate but you should always confirm any information with the product or service provider and read the information they can provide. If you are unsure you should seek independent and qualified advice before you apply for any product or commit to any service or product.

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