Buy-to-Let mortgages

How much can you borrow? 

To work out affordability, lenders use your current or future rental yield. The monthly rent must be 25% more than your repayments. This shows you can cover the costs.  Deposits tend to be larger than with home mortgages. A lender will typically want you to put down 25 to 40%. Lenders will also look at things like your credit score. 

Worried you can’t borrow enough? You could look at top slicing, which uses your income to boost affordability. 

Is it difficult to get a Buy-to-Let mortgage? 

It can be harder to get a Buy-to-Let mortgage. Some of the reasons include: 

• Minimum deposits can be higher than they are with home mortgages.  
• Interest rates are often higher. This raises the cost of monthly repayments. 
• Lenders might be less confident if you don’t have a home of your own. 

Do you need an income? 

Most lenders will want you to have some form of income. If you’re unsure about this, you can talk to our team of experts.  

Can you rent to your family? 

Yes. You can rent to loved ones, but you will need a Family Buy-to-Let mortgage. This ensures everything is above board. 

How do you apply? 

Register here to see if you’re eligible. We’ll then invite you to a chat with no obligation to proceed. Your personal advisor will show you mortgage options from over 80 lenders. If you choose a deal, we’ll then verify your income, outgoings, identity and credit history. 

Why choose Saga Mortgages? 

We’re here to help over-50s in the property market. You can expect award-winning advice from a team of friendly mortgage experts. Available seven days a week, their goal is to find the best deal for you.  

What lenders will you get access to? 

Through Saga Mortgages, you can access over 20,000 products from over 80 lenders. This includes high-street lenders like Nationwide, Halifax, Lloyds, Barclays and HSBC. It also includes deals from specialist lenders like Livemore.