A buy-to-let broker for your first property, or your fourth.
Yes, we can help: independent buy-to-let mortgage advice for personal-name and limited company landlords, from a first let to a portfolio, here or abroad.
Buy-to-let turns on one number: whether the rent covers the loan on the lender’s test. Get that right before you offer, and the rest of the purchase is ordinary.
Lawes Financial is an independent, whole-of-market mortgage broker. Personal name, limited company, first property or a portfolio — Nathan Lawes handles every case personally.
No credit check · no obligation
Your property may be repossessed if you do not keep up repayments on your mortgage.
Most buy-to-let mortgages are not regulated by the Financial Conduct Authority. Consumer buy-to-let — broadly, letting a property you did not buy as an investment, such as one you inherited or used to live in — is the exception and is regulated. If you're unsure which applies to you, ask us.
- Assessed like a residential mortgage
- Rental cover not checked before offering
- Personal vs company decided without tax advice
- Voids and maintenance not budgeted
- Letting without consent to let
- Portfolio criteria not checked
- Appointed representative · FRN 1046161
- Whole-of-market
- 80+ lenders
- Independent advice
- Portfolio landlords welcome
In short
- Deposits usually start at 20%, and the market opens up more at 25%.
- Lenders test the rent against the loan, typically needing 125%–145% cover at a notional stress rate of around 5.5%.
- Limited company buy-to-let is arranged regularly, and portfolio landlords with four or more properties are handled.
- First-time landlords can get buy-to-let — you do not need to own a home already with every lender.
General positions across the lenders we work with, checked September 2026. Not the terms of any one lender, and not a recommendation. Criteria change frequently.
Before you choose a broker
What to ask a buy-to-let broker, and our answers
Are you whole of market?
Yes. We are an independent, whole-of-market broker with access to 80+ lenders and 20+ years of experience.
How do you charge?
Our standard fee is £495, payable when your application is submitted. In some more complex cases, an additional broker fee of up to 1% of the loan may apply. The first conversation is always free, and we always confirm your total fee in writing before any work starts.
Do you arrange limited company buy-to-let?
Yes. Limited company buy-to-let is arranged regularly, and portfolio landlords with four or more properties are handled.
Will you check the rent works before I offer?
Yes, first. We work the rental cover out before approaching anyone, because the cover a lender requires varies with the tax position, the property type and the lender itself.
Rental cover
Does the rent stack up?
That is a loan of about £225,000 at roughly 75% LTV. Tested at a notional 5.5%, a lender needing 125% cover would be looking for rent of about £15,470 a year — roughly £1,290 a month. At 145% cover it is about £17,940 a year, roughly £1,495 a month.
That rent is about 136% cover on a lender’s test at a notional 5.5% — inside the range most lenders look for, though where you sit in it still matters.
Illustrative only. Not advice. The stress rate is a figure lenders use to test the rent, not a rate you would pay and not a rate we are quoting. Typical cover of 125%–145% at around 5.5%, checked September 2026 — not the terms of any one lender, and not a recommendation.
Find out where you stand as a landlord →Four words this page cannot avoid
What do ICR, stress rate, LTV and SPV mean in buy-to-let?
Buy-to-let lending has its own vocabulary, and two of these terms look like rates when they are not.
- ICRinterest cover ratio
- How far the rent must exceed the stress-tested interest, for example 125%.
- Stress rate
- A notional interest rate a lender uses only to run the cover test. It is not the rate you would pay and it is not a rate we are quoting.
- LTVloan-to-value
- The loan as a percentage of the property's value. A 25% deposit is 75% LTV.
- SPVspecial purpose vehicle
- A limited company set up solely to hold property, which is how most limited company buy-to-let purchases are structured.
The first decision
Personal name or limited company?
Tax treatment depends on your circumstances and changes. We are not tax advisers — speak to an accountant before choosing how to hold a property.
Personal name
Individual- Lower mortgage rates — personal buy-to-let lenders typically price more competitively than limited company lenders
- Simpler administration — no company accounts, no corporation tax returns, no director's responsibilities
- Interest relief is restricted — mortgage interest relief is limited to the basic rate of tax for personal-name owners
- Income taxed immediately — rental profit is added to your personal income and taxed at your marginal rate
- Often simpler for basic-rate taxpayers — though whether it is better for you is a question for an accountant
Limited company (SPV)
Company- Full mortgage interest deduction — interest is a business expense, deductible against rental income at company level
- Corporation tax on profit — charged at company rates rather than your personal marginal rate
- Profit can be retained — rental income can be reinvested into further purchases without an immediate personal tax charge
- Higher mortgage rates — limited company lenders price higher, though the gap has narrowed
- Common for higher-rate taxpayers and portfolios — and for anyone planning more than two or three properties
This comparison describes how the two structures differ. It is not tax advice and it is not a recommendation. The right structure depends on your personal income, existing portfolio, acquisition plans and wider position — speak to an accountant before deciding, and we will make sure the mortgage strategy fits the answer.
On the lending side, personal-name products and limited company products come from different parts of the market, and the criteria are not the same. We advise on the mortgage implications of either and can arrange both.
Limited company buy-to-let, explainedA buy-to-let is bought with a calculator, not a feeling. The offer that works is the one where the rent covered the lender’s test before anyone viewed the property.Nathan Lawes, Director & Mortgage Adviser, Lawes Financial
Questions
The questions landlords actually ask
How much deposit do I need for a buy-to-let?
Usually from 20%, and the range of options widens noticeably at 25%.
Read more
A larger deposit lowers your loan-to-value, which generally opens up a wider range of products, and it also makes the rental cover test easier to pass — because a smaller loan means less interest for the rent to cover. Some lenders will look at higher loan-to-values for the right case, and a small number of specialist lenders go further still. Which band is achievable depends on the property, the tenancy and the lender approached.
How do lenders decide what I can borrow on a buy-to-let?
Mostly on the rent, not your salary, though many lenders also set a minimum personal income.
Read more
The test is the rental cover ratio, and in plain words it is this: annual rent divided by (loan × stress rate) must be at least the cover the lender requires. Cover of 125% to 145% of the mortgage interest is typical, tested at a notional stress rate of around 5.5% — a figure used only for that calculation, not a rate you would pay. On a £225,000 loan, interest at 5.5% is £12,375 a year, so 125% cover means a lender is looking for rent of about £15,470 a year, roughly £1,290 a month; at 145% cover it is about £17,940 a year, roughly £1,495 a month. The cover a lender requires varies with the tax position, the property type and the lender itself, which is why we work the figure out before approaching anyone.
You can model this yourself with our buy-to-let calculator.
Can I get a buy-to-let if I've never been a landlord?
Yes — first-time landlords are catered for, though the choice of lender narrows. Some lenders require you to own your own home first, but not all do.
Read more
Where a lender does have that requirement it is usually absolute rather than a matter of degree, so it changes which lenders are worth approaching rather than changing what you could borrow. The rental cover test works the same way it does for an experienced landlord. What tends to matter more for a first purchase is deciding the ownership structure before the mortgage rather than after, because unwinding it later is expensive.
What changes once I have four or more properties?
You become a portfolio landlord, and lenders assess the whole portfolio rather than just the new property.
Read more
Four or more mortgaged buy-to-let properties is the threshold, and past it the underwriting is more detailed: lenders look at the rental income, borrowing and void risk across everything you hold, not only the property being financed. Some lenders decline portfolio cases outright, and among those that take them the appetite and the process vary a lot. Presenting a portfolio case properly — with the schedule of properties, the income and the borrowing set out the way the lender assesses it — makes a material difference to the outcome.
Can I remortgage a buy-to-let or release equity?
Yes, and both are routine — the rent still has to cover the new loan on the lender's test.
Read more
Refinancing an existing buy-to-let to release equity, and using that capital towards the next purchase, is one of the common ways a portfolio grows without fresh cash. Because the cover test is applied to the new, larger loan, the amount you can release is usually limited by the rent rather than by the equity in the property. A product transfer with your existing lender is worth comparing against a remortgage to a new one, on total cost rather than the headline.
What are the common landlord mistakes?
Five come up repeatedly.
Read more
Being assessed like a residential borrower, when buy-to-let turns on the rent and is a different market with different criteria. Making an offer before checking whether the rent covers the lender's test, which is the single most common reason a buy-to-let purchase falls over. Choosing personal name or limited company without tax advice, then finding the change expensive to make later. Budgeting on gross rent and not for voids, maintenance, letting costs and the higher stamp duty on an additional property. And letting a residential property without consent to let, which is a breach of the mortgage terms rather than a technicality.
On consent to let, there is more on our remortgage page.
Can I get a buy-to-let mortgage on an HMO?
Yes, through specialist lenders rather than mainstream buy-to-let ones.
Read more
Standard buy-to-let lenders typically will not lend on a house in multiple occupation, and those that do often apply restrictive criteria. HMO lenders assess rent room by room rather than as a single tenancy, which can support a larger loan relative to the purchase price. Licensing requirements, the number of rooms and the property's location all affect which lenders are suitable, and the panel is smaller than for standard buy-to-let.
I'm based outside the UK. Can I get a buy-to-let mortgage?
Yes, though the lender panel is more restricted.
Read more
Non-UK residents of any nationality can borrow against UK property, but it needs lenders who accept overseas income, foreign bank statements and non-resident status. Deposit requirements are generally higher than for UK residents. Approaching the right lenders from the outset matters more here than almost anywhere else, because a decline on residency grounds is not something a better-packaged case fixes.
See also expat and international mortgages.
Further down this page: If you live abroad.
I'm self-employed. Does that make buy-to-let harder?
Usually less so than a residential mortgage, because the main test is the rent rather than your income.
Read more
That said, many lenders still set a minimum personal income and a small number want to see it evidenced in a particular way, so how your income is structured — salary and dividends, net profit, or a mix — still decides which lenders fit. Knowing which lender assesses your income shape most favourably is the difference between a straightforward application and an avoidable decline.
Six steps, in this order
How do you get a buy-to-let mortgage, step by step?
The order matters more than it looks. Two of these are routinely done last and cost the most when they are.
Decide the structure
Personal name or limited company, settled with your accountant before the mortgage rather than after. Changing it later means a sale and a repurchase.
Check the rent covers
Work out what rent the lender's test would need for the loan you have in mind. This is the step most often skipped, and the one that most often ends a purchase.
Identify the lender
Different lenders want different cover, take different views on portfolio size and price personal and company cases differently. This is where whole-of-market access earns its keep.
Make the offer
With an agreement in principle behind it, and with the numbers already checked rather than hoped for.
Application and valuation
The full case goes in, packaged the way the lender assesses it. For a portfolio case that includes the schedule of properties and the borrowing across all of them.
Offer and completion
The lender's formal commitment, then completion. Tenancy arrangements and any licensing need to be in place for the property to be let.
Before you apply
What will a lender ask to see?
- Passport or driving licence, and proof of your address.
- Proof of income: payslips, or SA302s and tax year overviews, usually two years, if you are self-employed.
- A rental estimate from a letting agent for the property you are buying.
- Where the deposit comes from, with bank statements to show it.
- If you already let property: a schedule of each one, with its value, loan and rent.
- For a limited company: the company's details, and personal guarantees from its directors.
- For a remortgage: your current mortgage statement and tenancy agreement.
- If you live abroad: overseas payslips or accounts, and foreign bank statements, translated if needed.
Landlords outside the UK
If you live abroad
Non-UK residents of any nationality can borrow against UK property, but it needs lenders who accept overseas income, foreign bank statements and non-resident status.
Is the deposit higher?
Deposit requirements are generally higher than for UK residents.
Why does choosing the lender first matter more?
Approaching the right lenders from the outset matters more here than almost anywhere else, because a decline on residency grounds is not something a better-packaged case fixes.
Is there extra stamp duty?
Yes. In England and Northern Ireland, buying a buy-to-let as an additional property adds 5 percentage points to each stamp duty band, and if you are not UK resident a further 2% surcharge applies on top.
GOV.UK, higher rates for additional properties and rates for non-UK residents, checked . The stamp duty calculator works it out for a price; how it applies to you is a question for an accountant.
Can it all be done remotely?
The whole process runs remotely — video calls, e-signatures, and no need to travel to the UK.
Expat and overseas mortgagesPortfolio
When do you become a portfolio landlord?
Standard buy-to-let
One property. This is standard buy-to-let lending, and the choice of lender is at its widest.
Still standard buy-to-let for most lenders, though some set a maximum number of mortgaged properties they will lend against — which is worth knowing before you buy the next one rather than after.
Four or more mortgaged properties makes you a portfolio landlord. Lenders assess the whole portfolio rather than only the property being financed, and fewer lenders take these cases on — so which lender is approached matters more here than anywhere else in buy-to-let.
Not advice. Four or more mortgaged buy-to-let properties is the portfolio-landlord threshold. General positions across the lenders we work with, checked September 2026, and not the terms of any one lender.
Find out where you stand as a landlord →Cost
What does it cost?
Deposit
From 20%
Usually from 20%, with the range of options widening at 25%. A larger deposit also makes the rental cover test easier to pass.
Our fee
£495
Payable on submission · up to 1% extra on some complex cases. Confirmed in writing before any work starts.
Purchase costs
Budget for these
Stamp duty at the higher rate for an additional property, the lender's product fee, a valuation and legal work. Amounts vary by property and circumstances.
Running costs
Not just the mortgage
Voids, maintenance, letting or management fees, insurance and safety certificates. Gross rent is not profit.
Most buy-to-let mortgages are not regulated by the Financial Conduct Authority. Consumer buy-to-let — broadly, letting a property you did not buy as an investment, such as one you inherited or used to live in — is the exception and is regulated. If you're unsure which applies to you, ask us.
Why it matters more in buy-to-let
Do you need a mortgage broker for buy-to-let?
The most expensive buy-to-let mortgage isn't always the one with the highest rate. It's the one in the wrong name, through the wrong lender, on the wrong terms — arranged without thinking three steps ahead.
Lender criteria vary enormously.
Different lenders assess rental coverage ratios differently, have different attitudes to portfolio size, and apply different stress tests. Knowing which lender suits your specific case — and accessing the full market to find them — changes the outcome.
The rate is only part of the cost.
Arrangement fees, rental coverage requirements, early repayment charges, and product flexibility all affect the true cost of a buy-to-let mortgage. We assess total cost — not just the headline rate — before making any recommendation.
Portfolio strategy changes lender selection.
If you intend to refinance in two years, or to cross-collateralise properties, or to add further units, the lender matters now. We advise with your strategy in mind, not just the immediate transaction.
Nathan handles every case personally.
No junior advisers, no handoffs. The same person who advises you on the structure is the person who manages the application, liaises with the lender, and stays in touch after completion.
Four things that do not change
What do you get from an independent buy-to-let mortgage adviser?
One adviser. Every case.
Nathan handles your mortgage personally from first conversation to completion. No handoffs, no junior advisers, no loss of context mid-process.
No preferred lenders.
We are paid procuration fees by lenders — but at the same rate across the panel. There is no commercial incentive to recommend one over another. Your outcome is the only consideration.
Transparent costs. Always.
Fees are confirmed before work begins. The lender's procuration fee is disclosed in your Mortgage Illustration. You know exactly what this costs and exactly why.
Long after completion.
We remain available as your circumstances evolve — for reviews, remortgages, second properties, or simply a straight answer to a question. This is a relationship, not a transaction.
Next step
Talk it through with Nathan
No charge for the call and no obligation. Bring the property you are considering, or the portfolio you already have, and you will get a straight answer on whether the numbers work.
No credit check · no obligation
Your property may be repossessed if you do not keep up repayments on your mortgage.