Buy-to-Let considerations

Why choose a C&G Buy-to-Let Mortgage?

Borrow between £5,000 and £999,999 (£500,000 for first-time buyers) on our Fixed-Rate or Tracker mortgage deals and up to 75% of the value of the property (65% for new-build properties). Please ask your branch or call for more information if you want to borrow £1 million or more.

• Or choose one of our Fixed or Tracker special offers if you're borrowing between £50,000 and £999,999 (£500,000 for first-time buyers) on our Fixed and Tracker special offers and up to 75% of the property's value (65% for new build properties)

You can have up to nine buy-to-let mortgages (with a total loan amount of no more then £5 million) with Lloyds TSB Bank plc - including C&G mortgages - Lloyds TSB Scotland plc and Scottish Widows Bank.

• The property must be professionally managed by a reputable agent on a single assured shorthold tenancy
• The property must be in good condition and not divided into separate units
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Your income and your rental income are both considered

To qualify for a Buy-to-Let Mortgage, the maximum amount you can borrow is worked out in one of two ways, depending on whether the new mortgage will give you total mortgage borrowing with the Lloyds TSB group of more than or less than £500,000, as explained below. (The Lloyds TSB group includes Lloyds TSB Bank plc - including C&G mortgages - Lloyds TSB Scotland plc and Scottish Widows plc.) If you're a first-time buyer and are planning to let the property to tenants your income (excluding rental income) before tax must be at least £35,000 (sole or joint) and the most you can apply to borrow is £500,000.

Total mortgage borrowing of £500,000 or less

If the amount you want to borrow will give you total mortgage borrowing with the Lloyds TSB group of £500,000 or less, when deciding how much you can borrow, either:

• your income plus 50% of the expected rental income will be taken into account
• or, the lending decision can be based solely on the expected rental income if
  a) your income (excluding rental income) before tax is at least £35,000 (sole or joint) and
  b) the expected rental income is at least 120% of the monthly mortgage interest payment based on the current initial rate for the mortgage deal you choose

  
  Total mortgage borrowing of more than £500,000

• If the amount you want to borrow will give you total mortgage borrowing with the Lloyds TSB group of more than £500,000, when deciding how much you can borrow, either:
• your income plus 50% of the expected rental income will be taken into account
• or, the lending decision can be based solely on the expected rental income if
  a) the expected rental income is at least 125% of the monthly mortgage interest payment based on the current initial rate for the mortgage deal you choose and
  b) if the mortgage you are applying for is itself over £500,000, then your income (excluding rental income) before tax must be at least £50,000 (sole or joint)