Buy-To-Let Self-Employed Mortgages

What is a buy-to-let mortgage?

Buy-to-let (BTL) mortgages are available if you are a self-employed business owner. Just because you already run a business does not mean you cannot become a landlord as well. If you are looking to purchase a property and intend to rent it out, rather than live there, you need a specific BTL mortgage.

Buy-to-let mortgage application process

Self-employed landlords have the same access to buy-to-let mortgages as employed applicants: you just have a few more hurdles to jump over to get the best deals. Over recent years, we have seen banks easing the criteria for self-employed mortgage applicants, and particularly for buy-to-let mortgages, so your luck is in!

There is not much difference in the process of applying for a BTL mortgage when you are employed as opposed to a BTL mortgage when you are self-employed. The key is preparation and coming at the application in a structured and methodical way.

Self-employed criteria on a buy-to-let mortgage

Self-employed mortgage applicants are subject to similar eligibility criteria as an employed applicant for a buy-to-let mortgage. Age of the applicant, credit history, landlord experience and other factors will all still be applicable.

Lenders of buy-to-let mortgages will typically ask for a larger deposit than a residential mortgage, this varies between lenders, but you should expect to have around 20-25% deposit ready. As a self-employed applicant, you should aim to have at least 3 years’ worth of accounts for your application, but if you are struggling, do not panic: speak to our team as there may be a lender who needs fewer.

The BTL mortgage criteria that a self-employed applicant will need to meet varies from bank to bank; reduce the stress, limit your workload, and let us do the mortgage legwork for you. You can concentrate on finding a property and running your business.

Expert buy-to-let mortgage advisers

Active has a team of buy-to-let mortgage advisers that are experts at working with self-employed clients, securing deals, and making their property dreams a reality. Whether it is your first or your tenth property, Active’s buy-to-let mortgage team will guide you through the process from application to completion.

Our buy-to-let expert mortgage advisers work with the UK’s self-employed business owners to find them top mortgage deals, and it is easy to book a consultation with a specialist. We will work with you to find out what you can afford, what type of rental property you are looking to buy and more about your circumstances, so we are primed to find a mortgage deal that a hard-working, self-employed entrepreneur deserves.

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