The housing market and the mortgage market have both changed quite considerably over recent years, property however, still remains a brilliant investment. There are lots of different ways you can invest in property and an option that many people consider is - becoming a landlord. Purchasing a property and then letting it out to tenants is a great way to earn additional income and the more properties you own, the more you can earn. Whether you’re completely new to being a landlord or you’re keen to build a portfolio of rental properties, there are a few important things you need to know when getting a buy-to-let mortgage

Obtaining a mortgage usually takes 4 to 6 weeks

When you’re buying a rental property, especially if you plan on going to an auction, you may have tight time constraints and struggle to get the mortgage you require to make the purchase in time.  Generally speaking, getting a buy-to-let mortgage could take anywhere between 3 to 5 weeks from start to finish and you may not be able to act as swiftly as you’d like to. 

It may be worth considering an interim bridging loan if you need quick access to funds and this could help you purchase the rental property you’re interested in. Of course, being as prepared as possible when making a buy-to-let mortgage application would help to speed up the process too, so gather all required documents before starting your application.

Several factors will be taken into account by lenders 

Buying a home for personal occupation and getting a residential mortgage is often more straightforward than getting a buy-to-let mortgage. As a rental property is an investment, mortgage lenders take into consideration several additional factors before deciding whether they’re willing to lend to you and if they are, how much they’re willing to lend to you.

All mortgage providers want to ensure that you will be earning enough to make all your mortgage repayments and they look at everything from your own income and expenses to the rental income the property is likely to produce. Net rental income is really important when you’re trying to get a buy-to-let mortgage and it’s something all lenders take into account. 

You may need a higher deposit 

As you may expect, borrowing from a mortgage lender for a property investment is different to borrowing money for your own home, and you will need a higher deposit for a buy-to-let purchase. Most residential mortgages will require a 5 -10% deposit, as a minimum, whereas buy-to-let mortgages usually require anywhere between a 25% and 40% deposit. 

It is beneficial to save as much as possible when you’re applying for a buy-to-let mortgage and this could help to prevent any problems when it comes to getting the mortgage you require. Lenders also set a minimum ‘rent cover’ which is usually 125% of the monthly mortgage repayments. So, don’t forget to take this into consideration as well. 

Most lenders have different rates for buy-to-let mortgages

In order to ensure they get their money back and they’re not getting a poor return on risky loans, it isn’t uncommon for mortgage lenders to have higher interest rates for buy-to-let mortgages. In many cases, it is much cheaper for people to borrow money for a home they’re planning to live in themselves than it is to borrow money for a buy-to-let property investment. 

To help ensure the investment you make is as profitable as possible, these days you may want to consider other available options. For example, you could remortgage your own home and use the cash to become a cash buyer for your new rental property. 

Getting a buy-to-let mortgage

If you’re interested in becoming a landlord and you’re trying to find a good buy-to-let mortgage, this is something our team at Mortgage Required can assist you with. Since being established back in 2001, we have been providing tailored mortgage advice to anyone looking to get on the property ladder. We are available to advise on all aspects of the mortgage market and no matter what your individual circumstances may be, we will help you find the best mortgage offer. We pride ourselves on delivering first-class customer service and there is no better company to turn to for assistance with a buy-to-let mortgage.


Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be between £399 and £599.

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