How much deposit do I need for a buy to let?
Usually, the minimum deposit for a buy to let mortgage is 25% of the property value. Although, this can vary between 20%-40% depending on your history as a landlord.
How much can I borrow for a buy to let?
The amount that you can borrow for a buy to let mortgage will be determined by the rental income that the property is likely to generate. Also, most lenders will require you to have an income yourself from a main job or self employment.
How much do I need to earn to get a buy to let mortgage?
There are some lenders who do not focus on your personal income when it comes to taking out a buy to let mortgage, whereas others need you to be earning £25,000 pa or more.
Can I use the equity in my house for a buy to let deposit?
If you have sufficient equity in your house and can release this equity via a remortgage, you are able to use this for a deposit on a buy to let property. Remember, a buy to let deposit is typically 20%-40%.
Can I get a buy to let mortgage as a first time buyer?
The simple answer is yes, however, most lenders will want an applicant that currently owns a property over someone who has no experience in the field.