Buy to Let Mortgages for Amateur Landlords (Sole Traders & Partnerships)

Have you found the ideal Buy to Let property? Perhaps you’ve inherited a property that you don’t want to sell? A Buy to Let mortgage is a way of taking out a loan for a property that you own, but don’t live in.

If you’re new to the process or unsure whether you’ll be accepted, arrange an appointment to speak with us in person. We review each application individually. And, as a Sole Trader or Partnership with 3 or less properties, you’ll love our customer focused service, where a real person is on hand to offer the advice you need, when you need it.

Looking to remortgage?

Do you already have a buy to let property? We can help you remortgage if you wish to refinance your property.

Next steps

At The Cumberland, we’re committed to working closely with you to ensure you get the right mortgage to suit your individual circumstances. Ready to take the next step? Book an appointment with The Cumberland today to start the journey.

Help and Support

External factors continue to be a cause for concern for many business owners. If you are an existing Cumberland customer and worried about your mortgage please get in touch or visit our financial difficulties page.

Lending Criteria

Properties can be freehold, or leasehold with minimum 85 years of the lease unexpired at the start of the mortgage, and minimum 50 years unexpired at the end of the mortgage term
You must own and occupy your own residential property (mortgaged or owned outright)
Minimum income from employment/self employment or pensions must be a minimum of £25,000pa
You must have cash savings or other assets to cover a minimum of 3 months mortgage payments
Maximum mortgage term 30 years
For variable products or product rates fixed for a period of less than 5 years, the annual rental income should be a minimum of 145% of the annual mortgage interest calculated using the rate of 5.5% or product rate + 2%, whichever is the highest
For product rates fixed for a period of 5 years or more, the annual rental income should be a minimum of 145% of the annual mortgage interest calculated using the product rate
For remortgages with no additional borrowing, the annual rental income should be a minimum of 145% of the annual mortgage interest calculated using the product rate
For customers who have additional existing Buy-to-Let properties, the ICR should be 145% for those in personal names and 125% for those in Ltd. company names, calculated of the subject property along with the existing portfolio, stressed at our product rate +1% or 4.5% whichever is the highest.
Tenancy agreement should be on Assured Shorthold Tenancy basis or in Scotland Private Residential Tenancy Basis, with maximum term of 6 months, with any existing tenancy agreement having commenced after 1 March 1997
Your property must have an Energy Performance Certificate rating of E or higher or a suitable exemption for properties in England and Wales

NOT ELIGIBLE

Flats/apartments in a block exceeding more than 6 storeys
Must be a resident in the UK