Who can get a Buy to Let mortgage in Northern Ireland?
Buy to Let mortgages are assessed differently from residential mortgages. Lenders focus on affordability, experience, and overall financial stability.
Financial resilience
Buy to Let does not guarantee profit. You should only invest money you can afford to commit long-term and be able to cover costs during void periods or unexpected repairs.
Existing homeowners
Most lenders prefer Buy to Let applicants to already own a residential property. First time buyers may find options limited, though a small number of lenders may still consider applications.
- Good credit history with no recent adverse credit.
- Sufficient income to support borrowing.
- Ability to meet deposit requirements.
Do you need a minimum income?
Many Buy to Let lenders require a minimum personal income, commonly around £25,000 per year, although this varies between lenders.
If you do not meet this threshold, options may still exist, but the choice of lenders and products will be reduced.
How do Buy to Let mortgages work?
Buy to Let mortgages work in a similar way to residential mortgages, but with several important differences.
- Interest rates are typically higher than residential mortgages.
- A larger deposit is required, usually at least 25% of the property value.
- Affordability is based primarily on rental income, not your salary.
Many landlords choose interest-only mortgages to keep monthly costs lower and provide flexibility during void periods. Repayment mortgages are also available for those who prefer to reduce the loan balance over time.
Most Buy to Let mortgages are not regulated by the Financial Conduct Authority. However, regulation may apply if you intend to let the property to a close family member.
How much can you borrow?
The amount you can borrow is linked to the expected rental income of the property.
Lenders typically require the rental income to exceed the mortgage payment by a margin — often around 125% to 145% — to allow for interest rate changes and running costs.
Before applying, it’s sensible to speak to a local letting agent to get a realistic estimate of achievable rent.
How do you get a Buy to Let mortgage?
Most high street lenders offer Buy to Let mortgages, alongside a number of specialist lenders who focus solely on property investors.
Each lender applies different rental stress tests, income rules, and property criteria. Applying to the wrong lender can result in delays or declined applications.
Our mortgage brokers search across a wide panel of Buy to Let lenders to identify the most suitable product for your circumstances and investment goals.
We provide clear, practical advice and never charge a fee for our services.
Thinking about Buy to Let?
Whether you’re purchasing your first investment property or expanding an existing portfolio, expert advice can make a significant difference.
Speak to one of our mortgage brokers today for free, no-obligation Buy to Let advice tailored to Northern Ireland.