- Easy to use Buy to Let calculator
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Loan amount based on rental income only.
Let to Buy
‡ All arrangement fees may be added to the loan (with the exception of the £150 up front, non refundable, booking fee. Applicable on easy remortgage products with free valuation, free legals, or cashback options). Interest will be charged.
First time landlords, classified as applicants who have not owned and let a buy to let property for the last six months, remortgaging their existing residential property as a buy to let must choose from the Let to Buy product range.
Subject to:
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Max 70% LTV
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Let to Buy product range does not include the purchasing of a new Residential property
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The applicant(s) must have owned their residential property for at least 6 months (with or without a mortgage) at the time of application
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Loan purpose: to remortgage their residential property into a buy to let property
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Applicant(s) may let their current residential property without purchasing a new one
Other Information
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All products available as interest only, capital repayment, or a combination of the two.
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10% capital repayment allowance per annum with no early repayment charge on all products.
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Where fees are added to the loan, interest will be charged.
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Interest charged monthly.
Should a multiple property landlord wish to purchase or remortgage a single property to The Mortgage Works, the evidence of portfolio ownership is required (e.g. completion statement combined with a current rental agreement).
Loan To Value Limits (remortgage)
70% for loans up to £350,000
65% for loans up to £1,000,000
50% for loans up to £1,500,000
Rental Cover
All Products: 125%
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Fixed Rates: Based on product pay rate or 4.99%, whichever is higher
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Tracker Rates: Based on pay rate plus 0.50% or 4.99%, whichever is higher
Foreign Nationals
Foreign nationals must have been resident in the UK for at least three years prior to application and must have a permanent right to reside. Foreign nationals must have a UK bank account.
Others
Minimum loan is £25,001. Minimum loan for further advance is £2,500. The minimum property value is £60,000. (Unless otherwise stated).
