If you want to invest in property (this includes houses, apartments and flats), then you need to meet certain criteria to get a buy-to-let mortgage.
1. First, you need to ensure you can take the risk. If you have a period without tenants, for example, you need to cover the mortgage regardless. Seriously consider if you can do this before you take the step of investing in property.
2. You’ll need to own your own home already. If you don’t, then it will be difficult to get a buy-to-let mortgage. This includes owning a home outright or having a mortgage for your existing property.
3. Your credit record must be good, and you’ll need to prove you’re not stretched on existing borrowings. For example, your existing mortgage, credit card debts or any other debts you have.
4. If you earn less than £25,000 a year you will struggle to find a lender to approve a buy-to-let mortgage
5. Lenders have an age limit for buy-to-let mortgages. It’s generally either 70 or 75, and this is the age you need to be at the end of the mortgage term, not the start. For example, if you are 40 and you take out a 25 year buy-to-let mortgage, you will be 65 when it ends, which is within their limit.