How to Get a Buy-to-Let Mortgage (And Do You Qualify?)
Want to invest in property and generate rental income? A buy-to-let mortgage could be your first step. This guide explains who qualifies, how the process works, and how Novellus Property Management helps landlords in Manchester secure their future.
What Is a Buy-to-Let Mortgage?
A buy-to-let mortgage is designed for people who want to purchase a property specifically to rent out to tenants. Unlike residential mortgages, the eligibility and lending criteria are based heavily on the rental income potential of the property – not just your personal salary or income.
If you’re asking, “How to get a buy to let mortgage” or “Can I get a buy-to-let mortgage?” – the answer depends on a few key factors, which we’ll explore below.
Who Can Get a Buy-to-Let Mortgage?
You may be eligible for a buy-to-let mortgage if:
- You’re aged 21+ (most lenders cap eligibility around age 70, however if borrowers are retired it may pose an issue)
- You own a residential property (although some lenders allow first-time buyers)
- You have a deposit of at least 25%
- Your projected rental income covers 125%–145% of your mortgage payments
- You have a good credit history
At Novellus Property Management, we work with landlords across Manchester and the surrounding areas to support you through the full buy-to-let process – including securing the right mortgage and preparing your property to rent.
Steps to Get a Buy-to-Let Mortgage
If you’re wondering how to get started, follow this clear process:
- Check Your Credit Score & Affordability
A strong credit file will boost your chances. Lenders will also review your total financial picture, especially if rental income doesn’t meet stress testing requirements. - Calculate Your Budget
Most lenders require at least 25% deposit, though more competitive rates are offered for those with 40% or more. - Estimate Rental Income
Use local lettings data or consult an expert like Novellus Property Management to assess realistic rent expectations – this directly impacts how much you can borrow. - Speak to a Mortgage Broker
Brokers can access deals that aren’t always available on the high street. They’ll also guide you through different mortgage types (like interest-only or repayment). - Secure an Decision in Principle (DIP)
This pre-approval helps you act quickly when you find the right property.
Types of Buy-to-Let Mortgages
- Interest-Only: Lower monthly payments, more common among landlords
- Repayment: Higher monthly cost but builds equity in the property quicker
- Limited Company Buy-to-Let: May offer tax advantages for portfolio landlords
Need help choosing? We recommend speaking to a specialist or a broker – and once the mortgage is secured, Novellus’ fully managed lettings service ensures your property generates returns with minimal effort.
Manchester: A Prime Buy-to-Let Location
Rental demand in Manchester is booming, thanks to a large student population, growing tech sector, and young professionals relocating to the city. This means strong rental yields and consistent demand.
Novellus operates across central Manchester, Didsbury, Chorlton, Heaton Mersey and surrounding areas, offering expert guidance on where and what to buy for optimal return.
Conclusion: Ready to Get Your Buy-to-Let Mortgage? Let’s Make It Happen
Whether you’re a first-time landlord or adding to a portfolio, understanding how to get a buy-to-let mortgage is just the first step. With the right mortgage and a trusted letting agent, your property can deliver long-term financial security.
📞 Speak to the team at Novellus – we’ll help you navigate the buy-to-let process and provide professional management so you can enjoy all the rewards of property investment, hassle-free.
