Buy To Let Mortgage Advice You Can Rely On
At Galloway Jennings, we specialise in providing clear, expert buy to let mortgage advice alongside tailored insurance solutions, helping landlords secure the right deals and grow their property portfolios with confidence across Dumfries, Carlisle, and the surrounding areas. Whether you’re investing for the first time or expanding an existing portfolio, having the right mortgage and insurance in place is essential to making your investment work effectively. Our approach is simple — straightforward advice, tailored to your circumstances, with support at every stage of the process.
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We have access to thousands of buy to let Mortgage Deals
How does it Work?
You’re only 3-steps away from your second home or even 20th..
Our first chat
Let’s grab a drink and find out a bit more about you, your goals and your circumstances. You talk, we take notes.
Find the deal
We’ll find a mortgage plan that’s perfectly tailored to your needs, offering all the most suitable options for you and your family.
Leave it to us
Once we have all the information we need, we will begin to apply, keeping you informed every step of the way.
Buy to Let Mortgage Advice for Every Stage
Our buy to let mortgage advice is designed to support you at every stage of your property investment journey. Whether you’re purchasing your first rental property or adding to a growing portfolio, we help you understand your options clearly. From lender criteria and deposit requirements to rental yield and affordability, we make sure you’re fully prepared before moving forward. By working with a wide range of lenders, we can help you access competitive deals that suit your long-term investment goals
How much can I borrow?
The figures provided by this calculator are for illustration purposes only. To obtain an accurate figure based on your personal situation and circumstances please obtain a personalised mortgage illustration.
Buy to let Tips & Tricks
Good buy to let mortgage advice starts with understanding your options. Most buy-to-let mortgages are interest-only, keeping monthly payments lower but leaving a lump sum to repay at the end. If building equity is a priority, a repayment mortgage could be the better fit, although it will increase your monthly costs.
Most BTL mortgages require a deposit of 25% or more, though some lenders may accept 20%. A lower LTV (e.g., 60-70%) can help secure better interest rates.
Lenders usually require your expected rental income to be at least 125-145% of your mortgage payments (based on a stressed interest rate of around 5-6%). Make sure the rental yield meets this to improve your mortgage approval chances.
Owning a rental property comes with extra expenses such as letting agent fees, maintenance, landlord insurance, and potential void periods. Always have a financial buffer to cover unexpected costs.
BTL mortgages have different criteria than residential mortgages, so working with a specialist mortgage broker can help you access better rates, exclusive deals, and lenders who understand landlord needs.
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
Some forms of Buy-to-let mortgages are not regulated by the Financial Conduct Authority.
Maximum Rental Calculator
The figures provided by this calculator are for illustration purposes only. To obtain an accurate figure based on your personal situation and circumstances please obtain a personalised mortgage illustration.
Frequently asked questions
See what our landlords are asking us daily…
Now that we’ve covered the basics of how a buy to let mortgage works, it’s important to explore another common question: just how many buy to let mortgages can one individual hold?
The good news is, there’s no set limit. The number of mortgages you can have depends on many factors. These include your income, credit history, the value of your properties, and the criteria set by the lender.
Some lenders may limit the number of buy to let mortgages you can have with them, but others may not. It’s always a good idea to discuss your plans with a mortgage broker or financial advisor. They can guide you through the process and help you understand the potential risks and rewards.
Diving into the specifics of buy to let mortgages, it’s pertinent to ask: are these mortgages usually interest only?
Indeed, many buy to let mortgages are structured on an interest-only basis. This means you’d only pay the interest on your loan each month, not the capital. The loan amount, or capital, is then repaid when the property is sold. It’s a popular choice because the monthly repayments are lower. However, it’s essential to be sure you can afford to repay the capital at the end of the mortgage term.
It’s also worth noting that not all buy to let mortgages are interest only; some are repayment mortgages. The choice between interest only and repayment will depend on your financial circumstances and investment strategy.
When considering a buy to let mortgage, it’s crucial to understand that you’ll typically need a deposit of around 25% to 40% of the property’s value. This means if you’re considering a property worth £200,000, you’d need between £50,000 and £80,000 up front. Keep in mind, the exact amount can vary depending on the lender’s criteria and your financial circumstances.
The larger the deposit, the better the buy to let mortgage deal you’re likely to get. This is because a higher deposit reduces the lender’s risk, making them more willing to offer attractive interest rates. So, it’s in your best interest to save as much as you can for the deposit. This could make a significant difference to your buy to let venture’s profitability in the long run.
Entering the property market as a first-time buyer with a buy to let mortgage might seem daunting, but it’s certainly an achievable goal. This type of mortgage is designed for those who aim to rent out the property they purchase.
As a first-time buyer, you’ll need to meet certain criteria. Lenders typically require a minimum age, usually 21, and a stable income. You’ll also need a sizeable deposit, often around 25% of the property’s value.
While it’s a big commitment, it can provide you with a valuable income stream and potential capital growth. However, remember it’s not without risks. If the property market declines or your tenants fail to pay, you’re still liable for the mortgage repayments.
It’s important to weigh the pros and cons before diving in.