How to get a buy-to-let mortgage

1. Check if you’re eligible

Your bank will review your mortgage application based on buy-to-let mortgage criteria. These vary depending on the lender, but include things like age restrictions and a minimum annual income (usually around £25,000).

Barclays has a buy-to-let mortgage calculator you can use to check how much you might be able to borrow and how much your monthly payments might be. You’ll need to fill in details about your income and outgoings here. Download our budget template to get a clear picture of your personal finances.

2. Get an agreement in principle (optional)

You might want to get an agreement in principle before you start your buy-to-let mortgage application. This tells you how much a bank might be willing to lend you, without affecting your credit score.

Sometimes known as a ‘mortgage in principle’, this is a useful gauge if you’re still early on in the house hunting process and are wondering how much money you’ll have for a property. It also shows estate agents you’re a serious buyer.

Bear in mind though, the agreement in principle is only valid for 90 days.

3. Contact your bank

The next step is to speak to a bank or mortgage broker to find the best mortgage deal for you. You can book an appointment with them to talk through buy-to-let mortgage rates, affordability, and the different products.

This meeting will kick-start your mortgage application process.

4. Apply for your mortgage

Your mortgage broker or bank will start your mortgage application when you have your first mortgage meeting.

You’ll need to give them lots of information about your finances and the property you want to buy. Existing landlords will also need to show bank statements that show rental income from any other properties.

5. Wait for your mortgage offer

It usually takes between two to four weeks for a mortgage offer to come through. In that time your bank will complete a full credit check and instruct a valuation of the property you want to buy.