Does the Buy to Let application process differ from when I took out a residential mortgage?
Buy to Let mortgages don’t actually differ significantly from standard residential mortgages. On application, the lender will assess your credit worthiness by undertaking a credit check and if satisfactory will then look at the rental income to be achieved on the property. In the current climate, lenders are looking for rental income to be at around 125% of the monthly payments. For example, if your mortgage would be £400 at a particular interest rate the lender would require there to be at least £500 by way of rental income.
