BUYING A BUY-TO-LET PROPERTY

We offer mortgages to both Portfolio and Non-Portfolio landlords
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ARE YOU A PORTFOLIO LANDLORD?

Portfolio Landlords Image
Portfolio Landlords
Landlords who own 4 or more mortgaged Buy To Let properties
Portfolio Landlords
We tailor our mortgage deals to suit your circumstances
Non-Portfolio Landlords Image
Non-Portfolio Landlords
Landlords who own less than 4 mortgaged Buy To Let properties
See Our Deals
View our current mortgage deals below
Where we lend
Throughout mainland UK
On freehold or long leasehold standard construction properties
Professional, Personal Service
From our professional qualified team of expert lending managers
We will treat you as more than a number
Benefits of Mutuality
We have no shareholders to satisfy
So you get great value products and services

Portfolio Landlords

Landlords who own 4 or more mortgaged Buy To Let properties

Tailored Mortgage Products
We understand that you are unique
We will tailor our mortgage deal to your circumstances
Who can apply
Individuals, partnerships, limited companies, trusts and ex-pats
How much you can borrow
Minimum mortgage £75k
Typically up to 75% of the market value of the property (min £150k)

DOWNLOADS

For Portfolio Landlords

Application Form
Download
A Guide To Mortgages
Download
Application Checklist
Download

NON-PORTFOLIO LANDLORDS

Landlords who own less than 4 mortgaged Buy To Let properties

Who can apply
Individuals and partnerships
How much can you borrow?
We will typically consider up to 75% of the market value of the property
Minimum value £50,000

Our Current Deals

Please enter your requirements below to display the appropriate available deals beneath

£100,000
£20,000
20 Years
These products are available for a £120,000 mortgage with a 75% loan to value (LTV).
2 YEAR DISCOUNT RATE
2.39%
Initial Interest Rate
5.1% APRC
Overall Cost for Comparison
Followed by variable rate
5.40%
Arrangement Fee
£995
Loan To Value
Up to 60%

Your interest rate tracks the Cumberland Buy-To-Let Standard Variable Rate (BTL SVR), currently 5.40%, less the agreed discount of 3.01% for the first 2 years, followed by the BTL SVR until the end of the mortgage.

  • Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
Find outHide more
  • Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
  • Can add the arrangement fee to your mortgage, subject to maximum LTV.
Representative Example:

A mortgage of £77,970 payable over 20 years initially on this variable rate product for 2 years at 2.39% and then on the Cumberland Buy-To-Let Standard Variable Rate (BTL SVR), currently 5.40% for the remaining term of the mortgage, would require 24 monthly payments of £409.00 and 216 monthly payments of £519.98.

The total amount payable would be £123,512 made up of the loan amount plus interest (£44,162), arrangement fee (£995), valuation fee (£260) and other lending fees (£125).

The overall cost for comparison is 5.1% APRC representative.

What is a Representative Example?

Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.

Book An Appointment
2 YEAR DISCOUNT RATE
2.39%
Initial Interest Rate
5.1% APRC
Overall Cost for Comparison
Followed by variable rate
5.40%
Arrangement Fee
£995
Loan To Value
Up to 60%

Your interest rate tracks the Cumberland Buy-To-Let Standard Variable Rate (BTL SVR), currently 5.40%, less the agreed discount of 3.01% for the first 2 years, followed by the BTL SVR until the end of the mortgage.

  • Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
Find outHide more
  • Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
  • Can add the arrangement fee to your mortgage, subject to maximum LTV.
Representative Example:

A mortgage of £77,970 payable over 20 years initially on this variable rate product for 2 years at 2.39% and then on the Cumberland Buy-To-Let Standard Variable Rate (BTL SVR), currently 5.40% for the remaining term of the mortgage, would require 24 monthly payments of £409.00 and 216 monthly payments of £519.98.

The total amount payable would be £123,512 made up of the loan amount plus interest (£44,162), arrangement fee (£995), valuation fee (£260) and other lending fees (£125).

The overall cost for comparison is 5.1% APRC representative.

What is a Representative Example?

Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.

Book An Appointment
2 YEAR DISCOUNT RATE
2.83%
Initial Interest Rate
5.2% APRC
Overall Cost for Comparison
Followed by variable rate
5.40%
Arrangement Fee
£995
Loan To Value
Up to 75%

Your interest rate tracks the Cumberland Buy-To-Let Standard Variable Rate (BTL SVR), currently 5.40%, less the agreed discount of 2.57% for the first 2 years, followed by the BTL SVR until the end of the mortgage.

  • Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
Find outHide more
  • Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
  • Can add the arrangement fee to your mortgage, subject to maximum LTV.
Representative Example:

A mortgage of £77,970 payable over 20 years initially on this variable rate product for 2 years at 2.83% and then on the Cumberland Buy-To-Let Standard Variable Rate (BTL SVR), currently 5.40% for the remaining term of the mortgage, would require 24 monthly payments of £425.81 and 216 monthly payments of £521.90.

The total amount payable would be £124,330 made up of the loan amount plus interest (£44,980), arrangement fee (£995), valuation fee (£260) and other lending fees (£125).

The overall cost for comparison is 5.2% APRC representative.

What is a Representative Example?

Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.

Book An Appointment
2 YEAR DISCOUNT RATE
2.83%
Initial Interest Rate
5.2% APRC
Overall Cost for Comparison
Followed by variable rate
5.40%
Arrangement Fee
£995
Loan To Value
Up to 75%

Your interest rate tracks the Cumberland Buy-To-Let Standard Variable Rate (BTL SVR), currently 5.40%, less the agreed discount of 2.57% for the first 2 years, followed by the BTL SVR until the end of the mortgage.

  • Include Arrangement Fee - You can add the Arrangement Fee to your mortgage
Find outHide more
  • Can repay lump sums without any early repayment charge (up to 10% per annum each financial year (1 April - 31 March) of the outstanding balance as at 1 April each year) - full details will be found in your KFI and mortgage offer
  • Can add the arrangement fee to your mortgage, subject to maximum LTV.
Representative Example:

A mortgage of £77,970 payable over 20 years initially on this variable rate product for 2 years at 2.83% and then on the Cumberland Buy-To-Let Standard Variable Rate (BTL SVR), currently 5.40% for the remaining term of the mortgage, would require 24 monthly payments of £425.81 and 216 monthly payments of £521.90.

The total amount payable would be £124,330 made up of the loan amount plus interest (£44,980), arrangement fee (£995), valuation fee (£260) and other lending fees (£125).

The overall cost for comparison is 5.2% APRC representative.

What is a Representative Example?

Representative Examples include the costs associated with a typical mortgage from the Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Key Facts Illustration, please contact us directly.

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  • Is Buy to Let for me?

    Property investment can be a very effective way of generating income if managed correctly, however, it doesn’t come without its risks. If you plan to buy your property with a mortgage and you are relying on the rental income to make your mortgage repayments, you must consider how you will keep up the repayments if you are unable to secure a tenant and the property is left unoccupied.

    A period without a tenant is not the only risk that needs to be considered; major repairs could increase overall costs and of course the housing market on its own can have an impact on your potential profit margin.

    We would strongly recommend that you take professional advice before entering into any property related transaction.

    Cumberland Estate Agents has an experienced team who can advise you on renting your property. Contact your local branch for further details, or visit cumberlandestateagents.co.uk.

    You may also wish to contact a conveyancer (for advice on the Housing Act and associated forms of tenancy) and an accountant (for advice on income and capital gains tax implications).

    The Council of Mortgage Lenders (www.cml.org.uk) provides free publications which may also help you in your research. The Association of Residential Letting Agents (www.arla.co.uk) is also available to offer advice.

  • Becoming a landlord

    Buying a property to let is very different from buying your own home. Consider the following before you start your search for a property:

    Do your research
    Research the market, with the help of your local estate and lettings agents, who will be able to advise on demand and any other issues in the area you are thinking of buying in.

    Ask an expert
    Speak to a letting agent and make sure you have a professional opinion of the level of income you can expect from the property or area you are looking to buy. Cumberland Estate Agent’s experienced lettings staff can provide you with free advice on any properties you are thinking of buying.

    Know the demand
    Buying where there is no rental demand is a surprisingly common mistake. Make sure you are not investing in a market which is already saturated with the sort of property you have to offer, and do not be misled by stories of fast profits.

    Understand your finances
    Keep in mind whether you are in the market for capital gain when you sell or simply monthly rental income. This will help you decide what to buy and where, and what kind of mortgage you need. Understand the rental yields particularly if the net rental yield figure is less than the cost of the mortgage, leaving you with a shortfall.

    Buy carefully
    Make sure you buy a property which allows for sufficient profit margin. Do not go for a ‘bargain’ property which may require considerable work. Major repairs require time and effort and paying more for a property which is in better condition can be a wiser move.

    Check for safety
    By law you must make sure that the property you are letting complies with various safety regulations, such as furniture and furnishings fire safety, gas safety, electrical equipment safety and that it contains a smoke detector. You will also need certificates to prove these regulations have been met.

    Be aware of new and updated regulations
    Failure to comply with the law can result in serious consequences. The best way to make sure you are kept up to date is to use an ARLA agent who can make you aware of them, while also ensuring you comply.

    Know your responsibilities
    Landlords, tenants and agents have different responsibilities, and it is important to know where these lie. As the landlord you will be expected to pay buildings insurance, ground rent and service charges and insure and maintain any items you leave in the property. Your letting agent will be able to advise on others’ responsibilities as part of your contract.

    Prepare for voids
    Your property may be empty and not generate any income for periods of time, and you need to be ready for this. Advertising for new tenants, decorating and maintenance of your property could take some time and you should have plans in place for when this happens.

    Tax implications
    A Buy to Let investment attracts several different taxes. Aside from Stamp Duty Land Tax, which you have to pay when you purchase any Buy to Let property, you may also have to pay Income Tax on the rent you receive and Capital Gains Tax when you sell the property. Rental income must be declared on a Self Assessment tax return. However, you can deduct costs such as mortgage interest and letting agency fees from the rent you receive first. And like anything else you own, a Buy to Let property will form part of your estate for Inheritance Tax purposes. We recommend that you speak to an accountant for further details.

    Engage a managing or letting agent
    Knowing where to advertise your property, how to vet your tenants and the kind of lease you should use can be tricky if you have no experience. Being a landlord is a full time responsibility, 365 days a year and is best not left to friends or family. A good agent will fi nd tenants, do background checks, draw up the lease, collect rent, and inspect the property, thereby removing much of the hassle involved. When choosing an agent, landlords should use an ARLA Licensed member. They are members of a regulatory body and are subject to control and regulation. They will ensure that your property is handled safely and with care. Cumberland Estate Agents is ARLA licensed and offers a full Lettings service. Contact your local branch for further details or visit cumberlandestateagents.co.uk

  • Information about our Buy-to-Let mortgages

    We will consider mortgages for Buy to Let properties, based on the requirements set out below:

    • A Cumberland Buy to Let mortgage can be used for purchase or remortgage purposes, provided that the total of investment properties, subject to a mortgage, does not exceed 3. Our specialist commercial lending team can help if you are looking to buy or remortgage 4 or more properties.
    • The property can be freehold, or leasehold with a minimum of 60 years remaining on the lease at the start of the loan. The Society’s valuer will be asked to confirm that the property is in a good state of repair and what the demand is for rented property in that area.
    • A Cumberland Buy to Let mortgage is available for the purchase or remortgage of a house or flat. Former council houses will be considered.
    • Former council flats, new build flats and flats which form part of a mixed use block, or properties with multiple occupancy are not eligible.
    • Any tenancy agreements must be on an assured shorthold tenancy basis, or in Scotland a short assured tenancy basis, with a maximum term of 6 months, with any existing tenancy agreement having commenced after the 1st March 1997. You should, however, always take independent professional advice before entering into any contract.
    • The minimum value of each individual property must be £50,000.
    • Cumberland Buy to Let mortgages are not available on student lets.
  • Types of mortgage available

    We offer two types of mortgages for Buy to Let properties, fixed rate and variable rate mortgages.

    Fixed Rate Mortgage
    With a fixed rate mortgage, your interest rate is fixed for an agreed period. During this time your monthly payments stay the same, so you know exactly where you stand. This means that even if interest rates go up, you continue to pay the same amount each month - although if interest rates go below your fi xed rate, your payments won’t be reduced. Most lenders charge an initial fee for arranging a fi xed rate mortgage and, if you repay all or part of your mortgage before the end of the fixed period, an early repayment charge.

    Variable Rate Mortgage
    This gives you a discount off the lender’s standard variable mortgage rate for an agreed period. If interest rates fall, yours is likely to fall as well, and your payment will go down. However, interest rates could also go up, so you will need to budget for any increases in your monthly mortgage payment. At the end of the discounted period, the rate will normally revert to the lender’s standard variable mortgage rate. Some discount mortgages have arrangement fees and early repayment charges during the discount period.

  • Insurance

    As a condition of any mortgage you will need to ensure that the property is adequately insured (e.g. Building Insurance), however, this insurance does not have to be arranged through us.

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Your mortgage is secured on your property. Think carefully before securing other debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage.

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