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A Buy to Let mortgage is designed for those looking to invest in property to rent out rather than live in.
These mortgages are a popular option among landlords aiming to earn rental income while also potentially benefitting from long-term property value growth.
They work differently from residential mortgages, with the lender focusing more on the rental income the property could generate.
Speaking with one of our mortgage advisors in Wigan can help you understand how this type of mortgage applies to your personal circumstances and what options might be open to you.
With Buy to Let mortgages in Wigan, lenders want to see that the property’s rental income will comfortably cover the mortgage repayments, usually by 125% to 145%.
You’ll often need a larger deposit, usually starting at around 20-25%, though this can vary depending on the lender and the property itself.
These mortgages can be either repayment or interest-only, but interest-only tends to be the more common choice for landlords.
If you’re unsure how the process works, getting clear mortgage advice in Wigan can help you feel more confident about your next steps.
There’s no set limit on how many Buy to Let mortgages you can hold, but each lender will have its own rules and preferences.
Some are more flexible than others, especially if you already own multiple properties.
As your portfolio grows, lenders might look more closely at your overall borrowing and how well your current investments are performing.
Working with a mortgage broker in Wigan like ourselves, we can help you find lenders that are comfortable with multiple properties and understand the bigger picture when it comes to property investment.
When applying for buy to let mortgages in Wigan, lenders typically look at several key factors.
You’ll usually need to own your own home already and have a good credit history.
Most lenders want to see a minimum annual income, often around £25,000, though some may be flexible depending on your other finances.
The deposit requirement is higher than for a standard mortgage, usually at least 20–25% of the property’s value.
On top of this, the lender will check that the expected rental income from the property comfortably exceeds the mortgage payments, usually by at least 125%.
Yes, it’s possible, though it can be a bit trickier. Some lenders are cautious about offering buy to let mortgages in Wigan to first-time buyers, especially if you don’t already own a property.
That said, there are lenders who will consider it, particularly if you have a strong financial profile and a solid deposit.
You’ll still need to prove that the rental income will be enough to meet their affordability rules.
Yes, many buy to let mortgages in Wigan are set up on an interest-only basis.
This means your monthly payments only cover the interest on the loan, not the loan itself.
Landlords often prefer this structure because it keeps monthly costs down, increasing the potential for rental profit.
But at the end of the term, you’ll need to repay the full loan amount, usually through savings, selling the property, or refinancing. It’s important to plan ahead so you’re not caught off guard.
Your credit score plays a big part in determining which buy to let mortgages in Wigan you might qualify for.
A strong credit profile can give you access to better interest rates and more competitive mortgage deals.
If your credit history is patchy, some specialist lenders may still be open to offering you a mortgage, but you might face higher rates or tighter conditions.
It’s also worth noting that the rental income from the property still needs to meet the lender’s affordability criteria, no matter your credit score.
No, you can’t live in a property financed through a buy to let mortgage in Wigan.
These mortgages are strictly for properties that will be rented out to tenants.
If you want to move into the property yourself, you’d need to switch to a residential mortgage, which may involve a new application and possibly different lending criteria.
Even if your property is unoccupied, your buy to let mortgage in Wigan still needs to be paid.
This is why lenders look for a financial buffer, both in the form of rental income coverage and your personal income.
It’s also sensible to build up savings to cover any gaps between tenancies.
Vacancy periods are one of the risks of being a landlord, and good property management can help keep them to a minimum.
While not legally required, landlord insurance is highly recommended when you have a buy to let mortgage in Wigan.
It can cover things like property damage, loss of rent, and liability claims if a tenant is injured.
Standard home insurance doesn’t usually cover rental properties, so having the right cover in place is important.
Many lenders will require you to have landlord insurance as a condition of the mortgage offer, and it’s always worth checking exactly what your policy includes.
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Start by speaking to one of our mortgage advisors in Wigan, who’ll get to know your plans and answer any early questions.
This helps us understand your position and how we can support your buy to let journey.
We’ll search through thousands of products to find a buy to let mortgage in Wigan that suits your needs.
With access to a wide range of lenders, we aim to save you time and effort.
Once you’re happy with the deal, we’ll help you get everything ready for your application.
We’ll guide you through the paperwork and handle the communication with the lender.
When the offer is issued, we’ll work alongside your solicitor to move everything through to completion.
Our team stays in touch throughout to keep things running smoothly.
We’ve worked with a wide range of landlords, from first-time investors buying a single flat to seasoned clients managing multiple properties.
If you’re looking for buy to let mortgages in Wigan, our deep knowledge of the market and lender requirements means we know how to find mortgage deals that suit your investment goals, even if your case is more complex or involves a limited company setup.
We know life doesn’t always fit neatly into working hours, especially when you’re juggling property viewings, work, and tenants.
That’s why our mortgage advisors in Wigan offer appointments that fit around your schedule, including evenings and weekends, giving you the freedom to talk things through when it suits you best.
We don’t just point you to a generic mortgage deal, we take the time to understand what you’re trying to achieve.
Whether you’re remortgaging an existing rental property or applying for your very first buy to let mortgage in Wigan, we provide mortgage advice in Wigan that’s built around your personal circumstances, your plans, and your long-term strategy.
There’s a lot involved in getting a mortgage sorted, and we’re here to make the process feel straightforward from start to finish.
As a trusted mortgage broker in Wigan, we’ll deal with the paperwork, speak to your solicitor, handle lender queries, and keep you informed so you’re never left wondering what’s next.
Remortgaging a buy to let property in Wigan is a common route for landlords looking to improve their current deal, release equity, or switch to a more flexible product.
Whether the property has gone up in value or the fixed rate is coming to an end, remortgaging can provide a chance to reduce monthly payments or access funds for another investment.
Many landlords also use remortgaging to move from repayment to interest-only, especially when the priority is maximising rental income.
Purchasing a buy to let through a limited company, usually set up as a Special Purpose Vehicle (SPV) has become increasingly popular, especially for landlords building a portfolio.
This route can offer certain tax efficiencies, depending on how rental income and profits are handled.
Lenders assess limited company applications differently, with some basing affordability on projected rental income and others requiring personal guarantees from directors.
We regularly work with landlords using SPVs to secure limited company buy to let mortgages in Wigan, guiding them through the paperwork and ensuring all lender criteria are met from the outset.
Houses in Multiple Occupation (HMOs) involve renting out a property to three or more tenants who aren’t part of the same household.
These properties typically produce higher rental yields, but they require specific HMO mortgage products due to the added complexity and licensing requirements.
Not all lenders offer HMO mortgages, and criteria around property type, tenant profile, and landlord experience can be stricter than with standard buy to lets.
We work with lenders who understand this market and are comfortable lending on licensed HMOs, both for new purchases and refinancing existing properties.
Let to buy is when a homeowner decides to rent out their current property and use the equity to buy a new home to live in.
This approach involves switching the existing mortgage to a buy to let mortgage in Wigan while taking out a new residential mortgage on the onward purchase.
It’s a popular solution for those relocating or moving up the ladder without selling their existing property.
Lenders will want to see that both mortgages are affordable, and some may require a certain amount of rental income to support the let to buy application.
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Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Manchestermoneyman 2025.
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Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Manchestermoneyman 2025.
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