Lloyds TSB Buy to Let Mortgages

Lloyds TSB is one of the most recognisable financial brands in the UK. With regards to buy to let mortgages, Lloyds TSB have the following criteria:

• Age - Minum age of 25 and you are not older than 75 years at the end of your mortgage term
• This is not your first mortgage
• The property is in good condition and is not divided into separate units
• Your sole or joint income (excluding rental income) before tax is at least £35,000
• You have no more than three Buy-to-Let mortgages or a total loan amount of no more than £2 million within the Retail Division of Lloyds Banking Group
• Your property is being used for rental purposes
• You meet all of the standard criteria for a mortgage.

Buy to let mortgages are available from Lloyds TSB for those who are looking for mortgages worth around 75% of your property’s value, although this is lowered to 65% for properties that are newly built. The banks decision will be based on the amount of income (rental or otherwise), although you also need to provide details on any existing mortgages or financial commitments and details of your address for your last 3 years.

For advice and quotes on your buy to let options use our partner service - see above.

when selecting a buy to let mortgage deal typically you will have a choice between a fixed and tracker rate - what you select really depends on whether your budget is fixed or has a degree of flexibility. A fixed rate will stay the same for a set amount of time while a tracker rate moves up and down in accordance with Bank of England base rate. This obviously means that while rates are low you could pay substantially less and while rates are high you could face quite a heavy squeeze in your income. If you are unsure of your options you should seek financial advice.