Buy To Let Mortgage and Remortgage Companies
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Bank of Scotland Buy to Let Mortgage Options from Halifax
The Bank of Scotland offers a variety of Halifax buy to let mortgage options. Whether your purchasing investment property or you’re interested in a buy to let remortgage, Halifax just might have the perfect loan program for you. Halifax buy to let mortgages are excellent options for those just starting to invest in estate property, as well as for seasoned landlords keen to expand their buy to let portfolios.
In order to be approved for a buy to let mortgage from this lender, you must be at least 25 years old and earn an annual income of no less than £25,000. You'll need to make a down payment of at least 15 percent of either the purchase price or the value of the property. If you own other rental property, you may want to consider getting a buy to let remortgage to tap into equity from your other investments to get the down payment money you need. Further, you'll need to demonstrate yearly rental income of at least 25 percent more than the annual cost of your mortgage payments.
With Halifax, landlords are able to borrow up to £1 million per individual property. The total combined amount a buy to let investor can borrow across multiple properties with Halifax, and the other lenders within the HBOS group, is £10 million. It is important to note that this lender will not approve landlord mortgages for first time homebuyers. In order to be approved for buy to let financing, you will need to have a current mortgage or have had one at some point in the past.
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