Buy To Let Conveyancing Solicitors 

If you are buying a place with a plan to rent it out, you will need a special Buy to Let mortgage. But are you aware of the risks?

What’s the difference between a normal mortgage and a Buy to Let mortgage?

For a Buy to Let mortgage…

  • The amount you can borrow isn’t calculated by how much you earn, but how much income you can get from renting
  • Some lenders will need you to own a separate, residential property (for at least 6 months) before they’ll lend on a rental investment
  • There are no clauses that prevent you renting a place out, like you would find in a normal mortgage contract. If you rent out a property with a normal mortgage, you will be in breach of the terms and consequences can be serious – like your lender demanding immediate repayment of your mortgage in full.

The best people for the job

We’ll allocate a Buy to Let expert for you - or you can choose one yourself.

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What do I need to know before I get a Buy to Let mortgage?

There are financial things to consider. You will need to pay an extra 3% on top of the normal Stamp Duty Land Tax rates on a Buy to Let.

You might need to convert a mortgage - for example, starting with a normal mortgage then converting when you are ready to rent.

Buy to Let mortgages can be more expensive, as they carry more risk. There’s a chance you won’t be able to secure tenants straightaway (a void period), won’t be able to charge as much rent as you thought, or have tenants coming and going - leading to inconsistent income. And you may face restrictions about moving into the property yourself.

Good legal advice can take a lot of the risk, stress, and workload out of managing a Buy to Let. Plus we can support you if you are having problems with your tenants, letting agents, or management company.

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