Buy to Let Mortgage
Advice in Wigan

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.