Finding a Buy to Let mortgage that's right for you
Congratulations on your decision to invest in property. Whether this is your first time or you have a wealth of experience, we want to help you find the right mortgages for your ambitions.
As with any mortgage from Bank of Ireland Mortgages, it's important to carefully consider what type you take out, because there are a number to choose from. However, there is a big difference with the way we assess Buy to Let.
Unlike residential mortgages, the amount you can borrow is not calculated on your personal earnings, but on the potential rental income of the property you're considering. This is normally a figure that is set at a fixed percentage above the monthly repayment figure.
When looking for properties, therefore, try to find out what rental income other similar properties in the area command. This should give you a good guide and enable you to use our Buy to Let mortgage calculator.
Using our Buy to Let Calculator
Use this calculator to confirm, in general terms, that the figures behind your Buy to Let plan stack up and your expected rental income is enough to get the size of mortgage you need. (We'll come on to the different types of mortgage we offer shortly.)
There are two different ways you can use this calculator. Which one you choose will depend on your personal starting point.
If you already know how much you can borrow.
(But don't know how much rental income you need to meet the mortgage criteria.)
Or
If you already know how much income your property could generate.
(But don't know how much you could borrow.)
Please note: this Mortgage Finder tool will display Bank of Ireland Mortgages products that may be suitable for you based on the answers you give us. We recommend that you apply for a Key Facts Illustration (KFI) for specific product details.