How much can I borrow?
The amount you can borrow with Chelsea's Buy to Let mortgage range is based not on what you earn, but on the potential rental income from the property you buy and its value.
The estimated gross monthly rental income must represent over 110% of the interest-only monthly mortgage repayment. So, for instance, if you estimate a monthly rental income of £550.00 (110%), your monthly interest-only mortgage repayment could be no more than £500.00 (100%), subject to confirmation from the Society's valuer.
Maximum amount of loan for Buy to Let products
| Purchase price or valuation | Maximum LTV | Loan value |
|---|---|---|
| Up to £800,000 | 80% | |
| £800,001 - £1million | 75% | £640,000* |
| £1,000,001 - £2 million | 65% | £750,000* |
| Over £2 million | 60% | £2,000,000 ** |
*Maximum loan will be LTV or loan amount, whichever is greater.
**Maximum loan for a property with a value/purchase price over £2,000,000 will be restricted to the lower of £2,000,000 or 60% LTV.
The maximum number of bedrooms per property is four. Applications will not be accepted for properties licensed as an HMO (House in Multiple Occupation).
To check what you could afford, our mortgage calculator will estimate what your regular monthly payments could be.
Your home may be repossessed if you do not keep up repayments on your mortgage