Buy to Let Mortgages in Southampton

Most lenders will expect a minimum of a 25% deposit for your buy-to-let property. This percentage is taken from the value of the property.

Depending on factors, such as the size of your existing buy-to-let portfolio, this can total can vary somewhere between 20-40%.

How much you can borrow for a buy-to-let in Southampton is worked out through your projected rental income for the property.

It is also important to know that the majority of mortgage lenders will need applicants to have their own income through a main job or self employment.

Some lenders may not be interested in your personal income if you have the deposit in place. On the other hand, some will want you to earn a minimum of £25,000 pa or more.

It all depends on the amount of equity in your property. Some landlords may let you release some of this equity in the form of a remortgage to use on a buy-to-let property in Southampton.

Usually, lenders will still be looking for a minimum of a 25% deposit, but in some cases, this can be 20-40%.

As a first time buyer, it may be slightly more challenging to obtain a buy-to-let mortgage, however, it is not impossible.

Most lenders would favour an applicant who is a current homeowner over someone who hasn’t made mortgage payments before.

A mortgage broker in Southampton will work alongside you throughout the whole process. We will give you clear and beneficial advice leading up to your mortgage application to give you the best chance of being accepted.

Having your own dedicated buy-to-let mortgage advisor in Southampton will be extremely beneficial for your case. We have been working with landlords for over 20 years now and know the ins and out of buy-to-let lending criteria in Southampton.