All Mortgages

Post Office 2 year fixed

Subsequent rate (SVR)
4.74% variable
Initial rate
1.41% fixed until 31 Oct 2019
Comparison Cost
4.2% APRC

A mortgage of £145,000 payable over 21 years initially on a fixed rate for 3 years at 1.37% and then reverting to their tracker rate of 3.99% above Bank of England Base Rate for the remaining 18 years would require 36 monthly payments of £676 and 210 monthly payments of £852. The total amount payable would be £204,594 made up of the loan amount plus interest (£58,374), product fee (£995), valuation fee (£0), funds transfer fee (£30) and lending fee (£195). The overall cost for comparison is 3.5% APRC representative.

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Virgin Money 2 year fixed cashback mortgage

Subsequent rate (SVR)
4.74% variable
Initial rate
1.47% fixed until 01 Jan 2020
Comparison Cost
4.5% APRC

Portable - you can keep your mortgage if you buy another property, subject to terms and conditions. Overpay up to 10% of the outstanding balance each calendar year. Apply to take one payment holiday every nine months - Taking a payment holiday will increase the outstanding balance upon which interest is calculated. Keep track of your mortgage online 24/7. Take advantage of special Virgin Group offers.

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Barclays 2 year fixed

Subsequent rate (SVR)
4.74% variable
Initial rate
1.54% fixed until 31 Oct 2019
Comparison Cost
4.3% APRC

You can borrow up to £2 million per property, and have total borrowing of £3 million across all buy-to-let properties with Barclays or £4.5 million across all lenders, including them. You can have up to a maximum of 6 mortgaged rental properties with Barclays and a maximum of 10 mortgaged rental properties across all lenders, including them.

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What is a buy to let mortgage? 

A buy to let mortgage is similar to an ordinary mortgage but their purpose is to invest in a property that you want to rent out to somebody else. You’re not able to use a regular mortgage to rent out your property so this is ideal for those looking for an investment. 

By investing in property, you could make a significant amount of money through the rent you charge or by selling the property at a later date for a profit.

As investing in property is risky, you should make sure you are prepared to take that risk before applying for a buy to let mortgage. It can take a while to get the property into a fit state to rent and to find tenants, so you’re likely to experience a loss in the short term. You will also need to be prepared for difficult tenants who may damage the property. Unusually you will have had a deposit from them that will minimise the financial impact on you, however, you may find the damage caused ends up being more expensive to rectify than the deposit held. 

To protect yourself from the risks of being a landlord, you should get landlord insurance to cover the building, contents and rental payments.

You should also take into consideration that it’s unlikely that you’d get accepted for a buy to let mortgage without already owning your own home outright or with an outstanding mortgage. 

FAQs about buy to let mortgages

What is the difference between a regular mortgage and buy to let mortgage?

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Will I need to pay a deposit?

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Do I have to be a homeowner to take out a buy to let mortgage?

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Are buy to let mortgages more expensive than regular mortgages?

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What other costs should I take into consideration when investing in a property?

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Can I get a regular mortgage instead but still rent out my home?

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Do I need landlord insurance?

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Can I get a buy to let mortgage for my own home?

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