No, as the landlord of a buy to let property, you can't live in the property if it was purchased with a buy to let mortgage. This would breach the mortgage terms.

No, you don't need to own your own home to apply for a buy to let mortgage.

The criteria for a holiday buy to let mortgage will vary depending on the lender you choose to go with. However, some common criteria include:

• A higher deposit is often required, usually around 25% of the property's value.
• The property's potential rental income will be assessed to ensure it can cover mortgage repayments and property running costs.
• If there’s a shortfall in rental income, some lenders will also take into account income earned from employment.
• Lenders will look at the overall financial situation to make sure the mortgage is affordable.

Yes, the amount you pay may vary depending on the price of the property and how many other properties you own. You could also be required to pay an additional rate of Stamp Duty Land Tax (SDLT) when purchasing a holiday let property.

For more details on SDLT rates and how they apply here.

You need to be a UK resident aged 18 or over. You should have a good credit history and not be financially stretched by other debts. You may have to provide evidence of income from employment or self-employment, separate from any rental earnings. We also offer buy to let mortgages to limited companies.

A buy to let mortgage can be a long-term investment, with potential for property value growth and rental income. With the right property, rental income may cover mortgage repayments and running costs, and could generate a profit.

Becoming a landlord involves commitment and carries risks, so it’s important to understand your responsibilities and seek professional advice if needed.

The Vernon offers buy to let mortgages but does not provide advice on their suitability. Applicants should do their own research before applying.

Being a landlord comes with risks. Tenants may miss rent payments, and there may be periods when the property is empty, affecting your income. Costs can rise if interest rates increase, and you may not be able to pass these on to tenants.

There is also no guarantee the property will increase in value. It could fall, meaning you might lose money if you need to sell.

This isn’t an exhaustive list, so if you’re unsure whether buy to let is right for you, seek professional advice.

Landlord insurance is recommended. You should also budget for legal fees, maintenance, letting agent costs, and potential periods when the property is empty.

You can use a letting agent to handle tenant screening, rent collection, and maintenance. Always check references and consider professional help to ensure reliable tenants.

Yes, you can purchase and operate a buy to let through a limited company. Some investors choose this route for potential tax benefits or to separate their business finances from personal ones. It’s important to speak to an accountant or tax advisor before deciding.

Not necessarily. You can apply as an individual or through a limited company. If using a company, it must be registered with Companies House.

There’s no limit to how many buy to let properties you can own before needing a limited company.