Buy-to-let lenders set different rental coverage ratios. As such, you should use this calculator for guidance purposes only. Please ask our advisors for a personalised mortgage illustration to ensure the rent you charge will cover the repayment of your mortgage.
Mortgage lenders require the monthly rent you charge to cover the interest-only portion of your monthly mortgage repayment by a certain amount. Use our buy-to-let rent calculator as a guide to how much you will need to charge in order to satisfy your lender’s terms.
Input your total outstanding mortgage amount and the annual interest rate into the fields provided. Then click ‘calculate’ to see an approximate minimum rent that you will need to charge. Once you have this information, you can compare this figure with local market rents to see if this is a reasonable sum.
If the proposed amount generated by the rent calculator is higher than what is being charged locally, you may need to rethink your strategy. If you are on target, or comfortably within the likely rental amount, then you should be in a good position to proceed with your application.
Speak to our buy-to-let advisors today to enquire about your next mortgage.
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