Buy to Let

You might have a few questions about Buy to Let mortgages - here are some of the most commonly asked:

How do I qualify for a Buy to Let

Please refer to our basic lending criteria.

How much can I borrow?

The amount that can be borrowed is calculated on the basis of the expected rental income. The rental income should be equal to or greater than 125% of the Standard Variable Rate (the interest we charge) on an interest only basis.

What if my existing Buy to Let mortgage is with another lender?

You can remortgage an existing Buy to Let property with Britannia.

What if the property I want to buy is already owned and rented out by another landlord?

This is fine, you can apply for a Britannia Buy to Let mortgage as long as the property and tenants meet with our basic lending criteria.

How will Britannia assess my rental income?

A valuation will be carried out on the property to determine your potential rental income.

Who can I rent my property to?

You will want to think very carefully about the type of tenant you want to let to. This is a decision for you to make, but we do require that the property is NOT rented to certain tenants which are outlined in our basic lending criteria.

Can I rent my property to family members?

Britannia's Buy to Let mortgages allow you to rent your property to family members. Ask staff for details.

What happens if I want to stop being a landlord?

You have a few options. Depending on circumstances, you could sell the property with the tenants in it, or wait until the tenancy agreement has expired and sell it with vacant possession. Alternatively, you can move into it yourself.

What happens if I am not able to rent out my property?

You should expect that there will be times when you may not have tenants for your property. However, you will still have to keep up your mortgage repayements, so you must make sure you can afford to pay the mortgage without the rental income.

What about insurance?

As the owner of the property, even though it is tenanted, you will have to insure the structure of the building and any permanent fixtures and fitting within it that belong to you, such as fitted kitchen units or bathroom fixtures.

Not all insurance companies will provide cover for buy to let properties, and those that do may impose conditions. Your adviser will be able to give you more details.

Are there any special conditions with a Buy to Let mortgage?

Yes, there are a number of special conditions that apply. For example, all lettings must be in writing and in the form of an Assured Tenancy Agreement. Ask staff for further details of what conditions apply.