As with all types of secured loans, eligibility and lending criteria differ significantly from one lender to the next. This is why it is important to shop around for the best possible deal, approaching only the most appropriate lenders to suit your requirements and your personal circumstances.
While eligibility is assessed on a case by case basis, some lenders impose the following rules and restrictions on Let to Buy mortgages:
Technically speaking, there are no limitations on how much you can borrow with a Let to Buy mortgage. Like most loans, limits are calculated with the financial circumstances and requirements of the individual borrower in mind.
In some instances, the maximum LTV a conventional Let to Buy lender will consider is 80%. Some major banks reduce this to around 70%, though there are independent lenders in the UK that will offer more.
Again, it depends entirely on your current financial circumstances, your requirements and your budget.
There are a few additional points you will need to consider before applying for a Let to Buy mortgage, which include the following:
An established independent broker can help you assess your eligibility for a Let to Buy, along with potential alternatives available. If you are unable to secure the financial support you need from a conventional High Street lender, your broker will conduct an extensive search incorporating the UK’s specialist Let to Buy lenders.