FAQs
To help give you more information and guidance on our Buy to let and Holiday let products, we’ve put together answers to the following Frequently Asked Questions.
-
Can the owner of the Holiday Let use the property themselves?
Yes, the owner can use the property themselves for up to 60 days per year.
-
Are there any properties excluded from Holiday Let Mortgages?
Yes, we exclude the following property types: holiday park properties, mobile homes, static non-permanent structures, multiple occupancy (a property divided into separate ‘flats’ or with more than 5 bedrooms) and others not already matching the accepted property types for existing Buy to Let, Guest-houses.
-
Will you lend to ex-pats?
No, only to UK residents who’ve been in the UK for three years or more.
-
Are there tax implications with Buy to Let properties?
Yes. We’re not tax experts and therefore if you have any questions, you should contact HMRC or someone who specialises in tax advice.
-
Is there a specific type of tenancy agreement I need to have?
Yes, you need to have an Assured Shorthold Tenancy agreement with a term of 6 months (minimum) and 12 months (maximum). This Excludes Holiday Lets.
-
Do you allow Houses In Multiple Occupancy (HMO)?
No, we currently don’t offer mortgages on properties that fall under HMO rules. We’ll only lend on properties that are less than three storeys and let to single family units.
-
Do you lend to Limited Companies?
No, we currently don’t lend to Limited Companies, only individuals.
-
What’s the minimum term of employment or self-employment for Buy to Let?
For self-employed you need to have three years accounts, for those who are employed we’ll consider any term.
-
Do I need to have a minimum income?
Yes, you’d need to earn £25,000 or more to apply for a Buy to Let mortgage. We’d also assess the expected rental income and if this was not enough to cover the mortgage and related expenses, we’d consider using any surplus income you have after all your personal living expenses and financial commitments have been taken care of.
-
Is there a minimum/maximum age to apply for a Buy to Let mortgage?
Yes, you need to be at least 25 years old at the time of application and be no more than 80 years old at the end of the mortgage term.
Please be aware that our FAQs do not cover all aspects of our lending criteria, for further information or guidance please use contact us.
More mortgages support
Borrowing into retirement
Buy for Uni – Joint borrower sole proprietor
Buy to let
Existing borrower
Family deposit
First time buyer
Joint borrower sole proprietor