Barclays Woolwich: Buy to Let Mortgage

Fancy yourself as a landlord? With our range of BTL deals, owning your own investment property has never been easier. And we’re sure you’ll find a mortgage that’s right up your street.

The basics:

• Mortgages you don’t need a degree to understand.

• Choose to borrow in your private name (whether you are a UK Resident, Non Uk-Resident or Expatriate), as a combination of private individuals (up to 4 applicants allowed), as a Special Purpose Vehicle (SPV) Limited Company or a Limited Liability Partnership (LLP). A SPV Limited Company may be an attractive option if you’re looking for an alternative investment vehicle.

• Borrow up to 85% loan to value (based on purchase price or valuation whichever is lower) on selected products.

• Mortgages can be for 5 to 25 years.

• Choose repayments on an interest-only and/or capital repayment basis.

• We'll consider loan of £35,000 up to £2.5 million on an individual property.

• Borrow on an unlimited number of properties within our BTL cap of £5m million (subject to formal approval).

• You can choose from a range of BTL Mortgage products including Fixed, Tracker and Switch and Save® Remortgage options. See our latest deals.

• Overpayments up to 10% can be made without incurring an early repayment charge (terms and conditions apply to certain products).

• We don’t have a maximum age restriction, but you will need to be at least 21.

• All mortgages are portable so you can move your BTL mortgage to another BTL property.

Rental cover:

Your property will need to generate sufficient annual rental income to cover your annual interest mortgage payment. The rent cover we will require is 120% calculated on the initial pay rate of the product you select.

General advice:

Owning an investment property is very different to owning your own home; you’re effectively running a small business and therefore need to research, plan and manage carefully to ensure the best possible chance of success.

Remember:

• BTL should be viewed as a long-term investment opportunity - the value of property can go down as well as up.

• Ensure you thoroughly research a prospective property and seek advice from local letting agents about its suitability for letting, level of current demand and anticipated rental income. Consider potential for other letting methods.

• Consider all the costs which may be involved (such as solicitors' fees, stamp duty, letting agency and management fees, building insurance, ground rent/service charge for leasehold flats, maintenance/repairs to the property) into your calculations.

• Consider the implications on your tax affairs. We recommend you consider taking professional tax advice from an accountant or discussing with your tax office.

• Make provisions for how you would make your monthly BTL mortgage repayments in the event of your BTL property being empty, your tenants failing to pay or if interest rates rise.

• You’ll need to arrange insurance that’s specifically for landlords. Find out more about Buy to Let insurance from Barclays.

Ready to apply? Call 0845 075 7070* or speak to a mortgage adviser in your local Barclays branch. Please read our tariff of charges. This information must be read in conjunction with our legal information. ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. To maintain a quality service, we may monitor or record phone calls. Read call charges info.

Link to previous articles: Case Study Example: Barclays Woolwich Offset Mortgage Barclays Woolwich Offset Mortgage Barclays Woolwich Remortgaging Barclays Woolwich: Fixed Rate buyer mortgages Barclays Woolwich: First-time buyer mortgages Barclays Woolwich Mortgages: Buying your first home