Buying-to-Let Rates and Eligibility

Caz Blake-Symes • April 11, 2025

Whether you're a seasoned property investor or a first-time buyer looking to venture into the world of buy-to-let properties, understanding the rates and eligibility criteria is crucial for making informed decisions.


What should my first step be to grow my portfolio?

The first step to grow your portfolio should be to get in contact with us and book an appointment. Our dedicated team can provide the help and support you need to navigate through this tough market.


What are the interest rates on buy-to-let mortgages?

Interest rates on buy-to-let mortgages can be affected by various factors, including:


 Changes to the base rate

 The UK base rates set by the Bank of England can impact mortgage rates. An increase in the base rate usually leads to higher mortgage rates, while a decrease can have the opposite effect.

 

Fixed or Variable rate mortgage

 If you have a fixed-rate mortgage, your interest rate remains the same throughout the agreed period. On the other hand, with a variable interest rate mortgage, changes in the base rate can lead to fluctuations in interest rates.


 Credit history

 Lenders assess your credit history to determine your creditworthiness and the risk involved in lending money to you. A poor credit history may result in higher interest rates.


 Loan-to-value ratio

The initial deposit on a house affects the loan-to-value ratio. A higher deposit reduces the risk for lenders.


How do I know if I’m Eligible for a buying-to-let mortgage?

Some lenders may differ in their eligibility for a buy-to-let mortgage but most of them require:

·      Over 21

Most lenders will require you to be over 21 years old to apply for a buy-to-let mortgage.

·      Good credit score

Lenders will need proof that you are a reliable lender and that lending you money will be a safe investment which can be shown through a good credit score.

·      Deposit

For a buy-to-let mortgage, you will need to have money saved up to put a deposit down. This is usually 25% of the house price but some lenders may ask for 20% of the house price as a deposit 1.

·      Good borrowing history

If you are someone that has borrowed in the past the lenders will look and see about your history and see if you are a reliable borrower.

·      Solid income

One of the main things that a lender will check is your income to see if you can pay them and if it is a stable income.


As a landlord, what legal responsibility do I have?

Once gaining your buy-to-let property you will gain some legal responsibilities regarding your property. Some of the main responsibilities are listed

·      Electricity- Electrical Equipment (Safety) Regulations 20162

According to this regulation, all electrical supplies and appliances within a property must be safe, and all appliances must be checked at regular intervals for defects. There is no specific timescale for this, but it is recommended that they be checked annually. Any unsafe items need to be removed before offering the property for rent. Smoke alarms should also be installed on the property to ensure they are in working condition.

·      Furnishing-Furniture and Furnishings (Fire and Safety) Regulations 19933

This regulation requires most pieces of furniture to have appropriate labels for fire compliance, excluding furnaces made before 1950, bedclothes, curtains, carpets, sleeping bags, and loose covers for mattresses and carpets.

·      Gas-Gas Safety (Installation and Use) Regulations 19984

The Gas Safety (Installation and Use) Regulations of 1998 require that all gas appliances, associated pipework, and flues be maintained to ensure their safe operation. An annual inspection is mandatory, and a Gas Safety Record must be kept, including the dates of inspection and any identified defects. This record must be provided to the tenant when they sign a tenancy agreement. Any faulty equipment must be promptly repaired once the tenant notifies the landlord.


How am I able to find the most suitable mortgage?

To find the most suitable mortgage, simply schedule an appointment with one of our representatives. We provide personalised care and ensure that you secure the most suitable mortgage for your needs.


We’re here to help you:

Entering the buy-to-let market can feel overwhelming, but you don't have to navigate it alone. We’re here to provide the support and guidance you need. Our expert team offers personalised advice tailored to your financial goals, property preferences, and long-term objectives.


Get in touch with us today to learn more about the ins and outs of buy-to-let investments. Schedule a no-obligation consultation, and let us help you make informed decisions, maximize returns, and confidently step into the world of property investment. We're here to ensure your journey is smooth and successful from start to finish.


Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.


For further information about Buy o Let Mortgages please visit www.westonmortgagesonoine.com/buy-to-let

Please call Russell on 01934 442023 or email russell@swmortgages.com


Our initial mortgage consultation is free and with no obligation, should you proceed to an application there will usually be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £290to £490 and this will be discussed and agreed with you at the earliest opportunity.


References:

1.     Experian(2024) Buy-to-let mortgages Available at: https://www.experian.co.uk/consumer/mortgages/types/buy-to-let.html#:~:text=How%20much%20deposit%20is%20needed,who%20accept%20a%2020%25%20deposit.  ( Accessed 9 October 2024)


2.     Gov.uk (2023) Electrical Equipment (Safety) Regulations 2016: Great Britain Available at:https://www.gov.uk/government/publications/electrical-equipment-safety-regulations-2016/electrical-equipment-safety-regulations-2016-great-britain          (Accessed 9 October 2024)

 

3.     Legislation Government (2024) The Furniture and Furnishings (Fire) (Safety) (Amendment) Regulations 1993 Available at: https://www.legislation.gov.uk/uksi/1993/207/made (Accessed 9 October 2024)


4.     Legislation Government (2024) The Gas Safety (Installation and Use) Regulations 1998 Available at: https://www.legislation.gov.uk/uksi/1998/2451/contents (Accessed 9 October 2024)

 

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.



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