Buy to let mortgages are assessed differently by each lender, so we have outlined the criteria for some of the main buy to let lenders. Whilst every effort is made to maintain the accuracy of the information given, lenders do change their criteria so please contact our team of advisers to discuss any requirements that you may have (Fee-Saver Mortgages accepts no liability for errors or omissions in the information provided):

Lender Name: BM Solutions
Minimum/ Maximum Age: 18/75
Minimum/ Maximum Loan Size: L25,001/L1,000,000
Minimum/Maximum Term: 5/40 years
Maximum Loan-To-Value: 85% borrowing
Maximum Exposure per Applicant: L15,000,000 across the HBOS Group (Birmingham Midshires, Halifax, Bank of Scotland, TMB and Intelligent Finance)
Minimum property value: L40,000 (L75,000 in London postal districts)
Exposure Limits: 20% in any one development (30% across the HBOS Group)

Property must be let on an assured shorthold tenancy or to a company on a corporate let (maximum 12 months). There is a choice of rental coverage at 100%, 110% or 125% depending on the scheme chosen. Birmingham Midshires does not ask for proof of an applicant’s personal income, however they reserve the right to

Lender Name: Capital Home Loans
Minimum/ Maximum Age: 21/75 years old
Minimum/ Maximum Loan Size: L25,001/ L3,000,000
Minimum/Maximum Term: 5/35 years
Maximum Loan-To-Value: 90%
Maximum Exposure per Applicant: L5,000,000
Minimum property value: L150k for ex local authority flats in prime city centre location.
Exposure Limits: 25% of a development or 10 properties (whichever is the higher)

Property must be let on an assured shorthold tenancy. Company lets and buy to let applications from limited companies welcome. There is a choice of rental coverage at 100% or 115% depending on the scheme chosen. Applicant must have been in current employment for at least 3 months or self employed for 1 year.

Lender Name: Cheltenham and Gloucester
Minimum/ Maximum Age: 18/None
Minimum/ Maximum Loan Size: L25,000/L1,000,000
Minimum/Maximum Term: 1/35 years
Maximum Loan-To-Value: 85% (65% for new-build flats)
Maximum Exposure per Applicant: L5,000,000 subject to a maximum 9 buy to let properties within the Lloyds TSB Group (C&G, Scottish Widows and Lloyds TSB Bank)

A single assured shorthold tenancy must be put in place. The maximum loan available is determined either by a combination of personal income plus 50% of expected rental income or 100% rental coverage at Bank of England base rate plus 1%. A minimum household income of L25,000 before tax is required.

Lender Name: Mortgage Express
Minimum/ Maximum Age: 21/85
Minimum/ Maximum Loan Size:  L40,000 (L25,001 on a limited number of products)/ Subject to Loan-to-Value (Maximum L1,000,000)
Minimum/Maximum Term: 5/45 years
Maximum Loan-To-Value: 90% (subject to having held a buy to let mortgage for 12 months)
Maximum Exposure per Applicant: L5,000,000
Minimum property value: Subject to minimum loan sizes and loan to value as above

Limited company and Local Authority/Housing Association tenancy agreements allowed. There is a choice of rental coverage at 110%, 120% or 125% depending on the scheme chosen. Mortgage Express only require an applicant to be employed, self employed or in receipt of a pension. Applicants are required to provide 3 years employment history however there is no minimum period in current position.

Lender Name: The Mortgage Works
Minimum/ Maximum Age: 21/75 years
Minimum/ Maximum Loan Size: L25,001/L1,500,000 (subject to loan to value)
Minimum/Maximum Term: 5/35 years
Maximum Loan-To-Value: 90%
Maximum Exposure per Applicant: No limit on portfolio size

Rental income for buy to let mortgages is non status to 75% LTV. Maximum LTV for first time landlords is 85%. There are a range of rental covers including 100%, 110%, 115% and 120%. Lending is available for limited companies, ex patriots and foreign nationals.