Buy to Let Mortgages in Basildon
Buy to let mortgage advice for landlords and investors in Basildon, Pitsea, Wickford and Billericay.
Rental income explained
How lenders test the rent against the mortgage
Personal or company
The options explained for both
One property or many
Help for landlords at every stage
Basildon has a large rental market, supported by commuters on the c2c line and by local employers. Whether you are buying your first rental home or adding to a portfolio, a buy to let mortgage is assessed mainly on the rent the property could earn.
We explain how lenders look at buy to let, whether to buy personally or through a limited company, and what to prepare.
Buy to let in Basildon
Typical rental homes in Basildon include terraced and semi-detached houses and flats in the town centre and in areas such as Pitsea, Laindon and Wickford. Lenders usually test that the expected rent exceeds the mortgage interest by a set margin, so the rent, the size of the loan and the interest rate all affect what you can borrow. The deposit is normally larger than for a residential mortgage.
A number of Basildon’s homes were built in the New Town period, and some are ex-council properties or of non-standard construction. Lenders each have their own rules on these, and some will not lend on certain types, so tell us the address before you commit. If you plan to let a house to sharers, an HMO licence may be needed, and your council can tell you what applies to your property.
How it works
Initial conversation
We talk about your plans, your income and any properties you already own.
Your options explained
We explain the mortgages that may suit you, and what we would recommend.
Agreement in principle
A lender gives an early indication of what it may lend. This can involve a credit check.
Application
We help you complete the application and provide the documents the lender needs.
Valuation, legal work and offer
The lender values the property and your solicitor carries out the legal work.
Completion
Funds are released and the purchase completes.
For the full guide, see our Buy to Let page.
Frequently asked questions
How much rent do lenders expect on a Basildon buy to let?
Lenders normally require the expected rent to cover the mortgage interest by a set percentage, and the percentage varies by lender and by whether you buy personally or in a company. We can explain the test for your case.
Can I let a former council home in Basildon?
Some lenders will lend on them and some will not, and rules may apply to the building and the lease. Tell us the address and we can check which lenders may consider it.
How much deposit do I need for buy to let?
It depends on the lender, but deposits are usually larger than for a residential mortgage. We will look at your position and what is likely to be available.
Can I buy through a limited company?
Many lenders offer mortgages to limited companies, often with different criteria. We can explain what is involved and which lenders may be suitable.
Important information
- Most buy to let mortgages are not regulated by the Financial Conduct Authority.
- Your property may be repossessed if you do not keep up repayments on your mortgage.
- Rental income is not guaranteed, and tax treatment depends on your circumstances and may change. Please take advice from a qualified tax adviser.
The information on this page is general and is not advice. Advice depends on your personal circumstances.
Buy to Let in other areas
Speak to an Adviser
Interested in Buy to Let (Basildon)? Tell us a little about you and we'll be in touch