What is a buy-to-let mortgage?

Buy to let (BTL) mortgages are made for landlords who want to buy a home to rent out. The rules for buy to let mortgages are similar to conventional mortgages, but there are a few key differences.

You may apply for a buy to let mortgage if you fulfill the specified criteria:

• You wish to buy a home or even a flat.

• you can afford to take and understand the risks related to financial investment

• You already own your home, whether entirely or with a mortgage on it.

• You have decent credit history or aren't overly dependent on other types of liabilities, such as credit cards.

• If you make less than £25,000 a year, you may have access to limited lenders to approve your buy-to-let mortgage.

• You're under a specific age limit - most lenders have an age limit of 70 or 75 years old. It is the maximum age you can be when the mortgage is paid off, not when it is first paid off. For example, if you take out a 25-year mortgage when you're 45, the loan will be paid off when you're 70. Some lenders allow the mortgage to go up to 80 years of age and some may not have an age limit at all.