Looking for a buy to let mortgage?

You need to be aged 18 or over and a UK resident or have the permanent right to reside in the UK.

You have/will have less than four buy to let or consent to let properties*. This includes the property that you’re purchasing or remortgaging and excludes any residential mortgages.

You have at least 25% of the purchase price of the property as a deposit.

*Consent to let is a formal, written agreement between you and your mortgage lender, giving you permission to let out your home

Unless you have enough cash to buy the property outright, you’ll need a buy-to-let mortgage, which usually requires you to put down a 25% deposit.

As with any property purchase, you’ll need a solicitor, and you’ll have to pay stamp duty on any additional property you own. The UK government’s stamp duty calculator will give you an idea of how much you’ll pay.

Check out the ‘repayment calculator’ to see our rates and get an idea of the monthly payments for a buy to let mortgage.

It’s vital to get your mortgage lender’s permission before you consider letting out your home. Without their go-ahead, you’ll be in breach of your mortgage contract, which could be considered mortgage fraud. Your lender could demand that you repay the entire mortgage immediately and may even repossess your home.

Consent to let is not a permanent change to your mortgage agreement and shouldn't be used as a long-term letting solution.

If your mortgage is with Danske Bank, please get in contact on 0800 389 0833.

Firstly, try to get an idea of what your costs will be - your mortgage repayments and your rates bill.

You should look at similar rental properties in the area to get an idea of the market. Plus, the better the standard, the higher the rent you can charge.

However, make sure you can keep up your repayments without tenants.

Any rental income you receive counts towards your overall income for the tax year. This means that, depending on your other income, money you make from letting property may be subject to income tax.

There aren’t as many allowances as there used to be for landlords, which makes it more difficult to offset particular expenses, but everything depends on your own personal circumstances.

It’s best to stick to neutral colours throughout – magnolia, neutral or white walls, plain carpets in muted colours. If the property is clean, tidy and in good order, you’re much more likely to find yourself a tenant. You may want to let it out as an unfurnished or part-furnished property.

You might want to advertise the property yourself (this will mean you’ll have to be on site to show prospective tenants around), but you could always use a letting agent who specialises in rental markets.

It’s a good idea to check if you need to register your property as a 'House in Multiple Occupation' (HMO), and you can’t discriminate against any potential tenants on the grounds of:

• disability
• gender reassignment
• pregnancy and maternity
• race
• religion or belief
• gender
• sexual orientation.