Taking out a buy to let mortgage will be an investment, so it is important that you plan ahead to make sure that it is sensible investment for you. The primary aspect to look at, is the rules and regulations of being a landlord so you need to make sure that you understand the obligations and how being a landlord will work for you.

You also need to be confident in your ability to afford this new investment – you might already have a mortgage in your own name, but you need to feel confident that you could cover the costs of both properties should you have any rental voids when the property is empty.

Yes you can, there are several lenders who cater to overseas landlords - so whether you're an expat living abroad or a foreign national living and working overseas then we can help you to find the right lender and product for your circumstances.

If you are living overseas, lenders may have additional requirements so get in touch with us if you are considering investing in property in the UK. 

As with any mortgage, there are always costs involved and buy to let mortgages aren’t any different. There are the obvious costs such as your deposit and monthly mortgage payments, but you do also need to factor in other costs as there are typically additional costs associated with buy to let properties.

You'll have to factor in things like Stamp Duty Tax and other purchase charges such as application or arrangement fees, as well as being taxed on your rental income. You might also need to consider insurances such as buildings and contents as well as landlord insurance. In order to learn more about things like Stamp Duty Tax and rental income tax, we would recommend speaking with a qualified tax advisor.

If you are looking to find a tenant to live in your property, you might need to pay for advertising to attract potential tenants. You might also go down the route of paying an estate agent to market your property and potentially manage it too so you would also need to account for these costs.

Once you have a tenant in the property, it is your responsibility as a landlord to cover the costs of maintenance and any repairs.

So, if you’re looking to invest in property, it’s important to consider all of the costs involved to make sure that it is a worthwhile and profitable investment.

The amount that can be borrowed for a buy to let mortgage will be determined by the projected rental income that the property is likely to generate. Lender's use a calculation called a 'stress-test' to determine the maximum amount that can be borrowed based on the rental income. Each lender has their own stress-tests and some are more lenient than others which may mean that you could borrow slightly more with one lender compared to another. 

In addition to this, the majority of mortgage lenders will also want to see that you to have another income stream, whether that be from employment or from self-employed income. The reason for this, is that you are going to need to be able to cover the mortgage payments, in the event of any rental voids when you don’t have tenants.