Buy to let mortgages have a number of key differences to mortgages for your own home. Firstly they are normally offered on the strength of the rental income projected for the investment property that you would like to buy, rather than upon your level of income personally.

Whilst most buy to let mortgages do have a minimum income requirement this is normally very low and the level of rental income compared to the monthly cost of the mortgage is far more important to the lender than your income.

For example a typical buy to let mortgage requires that the projected rental income per month should be around 130% more than the mortgage costs per month. If the mortgage you require for a property will cost you £600 per month then the rental income per month should be at least 30% more than this, or £780 per month. This allows for management costs, service charges on apartments and any possible voids (gaps between tenants) so that even after reasonable levels of these costs you should still break even.

More recently, lenders have begun to allow more flexible lending with a reduction of the interest cover required to perhaps 125% to 110% or even lower.

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