Nationwide Buy to Let Mortgage
Nationwide is one of the largest building societies in the UK and offers a range of mortgage products, including buy to let mortgages. A buy to let mortgage is a loan taken out by a landlord to purchase a property that will be rented out to tenants.Nationwide’s buy to let mortgages are designed to help landlords buy a property or remortgage an existing one. In this guide, we will take a closer look at what a Nationwide buy to let mortgage is, who is eligible for one, and how to apply.
A Nationwide buy to let mortgage is designed for landlords who want to purchase a property to rent out. The mortgage is secured against the property and the rental income generated by the property is used to repay the loan. The amount that can be borrowed depends on the rental income, the value of the property, and the landlord’s financial circumstances. The mortgage can be taken out for a maximum term of 35 years, and there are a range of repayment options available, including interest only and capital repayment.
One of the advantages of a Nationwide buy to let mortgage is that the interest rates are competitive, and there are a range of fixed and variable rate options available. The mortgage also comes with a range of features, including the ability to make overpayments, take payment holidays, and switch between repayment options. There are also no product fees on selected products, and landlords can borrow up to 75% of the property value, subject to lending criteria.
Who is Eligible for a Nationwide Buy to Let Mortgage?
To be eligible for a Nationwide buy to let mortgage, you must be a UK resident, aged 18 or over, and own a property in the UK. You must also have a good credit history and be able to demonstrate that you can afford the mortgage repayments. Nationwide will also take into account the rental income that the property is likely to generate when assessing your eligibility for the mortgage.
Landlords who are purchasing their first buy to let property may be required to provide a larger deposit, typically around 25% of the property value. Experienced landlords may be able to borrow up to 75% of the property value, subject to lending criteria. It’s also worth noting that Nationwide may require you to take out landlord insurance as a condition of the mortgage.
How to Apply for a Nationwide Buy to Let Mortgage?
To apply for a Nationwide buy to let mortgage, you can visit your local Nationwide branch or apply online. Before applying, you should have the following information to hand:
- The address of the property you wish to purchase
- The purchase price of the property
- The expected rental income for the property
- Your personal details, including employment and income information
- Details of any existing mortgages or debts
Nationwide will also require you to provide proof of identity and address, such as a passport and utility bill. Once you have submitted your application, Nationwide will carry out a full credit check and assess your affordability. If your application is successful, Nationwide will provide you with a mortgage offer, which will include details of the interest rate, repayment terms and any fees.
Nationwide Buy to Let Mortgage Guide===
Nationwide’s buy to let mortgages are a popular choice for landlords who want to purchase or remortgage a property. With competitive interest rates, flexible repayment options and a range of features, a Nationwide buy to let mortgage can help you to achieve your property investment goals. Before applying, make sure you have all the necessary information and documentation to hand and understand the lending criteria and conditions of the mortgage.