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Buy to Let

Considering a buy to let mortgage?

To discuss the best buy-to-let mortgage options for you, simply click the button below. Clements Financial can help you with your buy-to-let mortgage needs!

WHAT IS A BUY TO LET MORTGAGE?

Buy-to-let (BTL) mortgages are for landlords who want to buy property to rent it out. You will have the option to take out a repayment mortgage or an interest only mortgage.

When measuring affordability for buy-to-let mortgages, lenders stress test applications against mortgage rates rising to guard against unexpected rises in costs for landlords. This is done by using the suggested rental income.

This is calculated by multiplying the loan amount by the stress rate, then again by the taxpayer rate – to give you the rental needed. For example:

Basic rate taxpayer – £150,000 (Loan amount) x 5.5% (Stress rate) x 125% (Tax rate) = Rent Required £860pcm

Please note that some forms of BTL mortgages are not regulated by the Financial Conduct Authority (FCA).

WHO IS IT FOR?

To get a BTL property, you must be able to provide a minimum 20% deposit for your new purchase. You must also have an income that can support your additional mortgage if a tenant is unable to pay.

There are various clients of BTL property mortgages, these include:

  • Non Portfolio Landlord — a client who has 3 or less properties and classified as an ‘amateur landlord’.
  • Portfolio Landlord — a client who has 4 or more properties and classified as an ‘experienced landlord’.
  • SPV Limited Company (Special Purchase Vehicles) — a company set up solely for the buying, selling and letting of their own residential property.

INITIAL APPOINTMENT

When applying for a mortgage, the initial appointment is referred to as a ‘fact find’. This enables the advisor to work out what options are available to you.

We’ll ask about your income, expenditure and lifestyle, as well as any other information that could impact your financial situation.

The advice we give is based on the information you provide. It’s essential that you’re open and honest about your current situation.

At this stage we’ll also discuss your solicitor options.

Remember you require the following documents for this appointment

  • 3 months payslips if employed/ 2 years SA302’s and tax year overviews if self-employed/ 2 years full accounts if a limited company
  • 3 months’ bank statements for all current accounts you hold
  • Photo Verification
  • Proof of address
  • Proof of deposit
  • Property log detailing all existing BTL properties

Want to discuss Buy to let mortgages?

If you’d like to discuss your best buy to let mortgage options, please get in touch.

rosie chung
rosie chung
January 31, 2024.
Ashley was amazing throughout the whole process. Great experience from start to finish. Kept me informed at every step, explained everything clearly. Absolutely fantastic, would recommend to anyone. Big thanks to Ashley.
Charlotte Boon
Charlotte Boon
January 8, 2024.
I highly recommend Ashley and Clements Financial for mortgage and insurance services. Ashley was very helpful, efficient, available any time to answer my questions and always supportive. I could not of asked for a better service, thank you for making the process so easy and stress free!
Juan Echeparesriera
Juan Echeparesriera
January 4, 2024.
Ashley has been an amazing professional at helping understanding the best option for my remortgage. He has been very supportive since first contacted. He always responds very promptly. Highly recommended!
Tataru Viorica
Tataru Viorica
January 2, 2024.
We’ve chosen Clements Financial for mortgage advice and we couldn’t be happier. Ashley was excellent in finding us a mortgage, he was always responsive and helpful and nothing was too much trouble. He made everything clear and straightforward for us. We highly recommend him for mortgage and insurance advice and will definitely work with him again. Thank you so much.
Alex Daly
Alex Daly
December 13, 2023.
Professional, 1st class service from the legend Jonny Clements. So helpful and appreicate how hard they worked for us. Couldn't recommend clements financial enough. Thank you.
Subrata Saha
Subrata Saha
December 11, 2023.
I am really happy with the service I have received from Ashley Kneebone.
Noel Howard
Noel Howard
December 9, 2023.
Ashley was fantastic, he took his time to explain everything clearly from the start , no hidden costs and a great overall experience, brilliant value for money.
Aaron Knight
Aaron Knight
December 8, 2023.
Really impressed with the attention given during my morgage process. Thought it would be tricky been self employed but Ashley and Jonny took care of everything needed, dealing directly with my accountant. Ashley has took the stress out the process 💯 cant thank these guys enough I would definalty recommend clements financial and will be using them as my go to morgage company in the future. Thanks again . 👍
Thu Tran
Thu Tran
December 6, 2023.
I was highly recommended to use Clements Financial Mortgages and they have not disappointed , Ashley Kneebone from Clements Financial Mortgage has helped me secure a mortgage to buy a home when I was really in need of one, he was very friendly, efficient and got the job done. I am so grateful for his help.
Adrian Hurley
Adrian Hurley
December 6, 2023.
I am self employed, unfortunately things have not been going as well as they could be for me, I've been able to adjust things with Johnny to accommodate my change of circumstances during this challenging time, if you're going though a similar situation don't put it off like I have, Johnny is really knowledgeable and is happy to help. We used Clements Financial to remortgage and will continue to use them in the future.