What Is a Portfolio Mortgage?

A portfolio mortgage - or buy-to-let portfolio mortgage - is a type of mortgage that’s specifically for portfolio landlords. You’re a portfolio landlord if you have 4 or more mortgaged rental properties, including those owned in your private name or through a limited company.

Landlords with 3 or less mortgaged rental properties are often classified as private landlords and only require normal buy-to-let mortgages or limited company buy-to-let mortgages. Portfolio mortgages sit in-between buy-to-let mortgages and commercial mortgages. They’re almost always interest-only like normal buy-to-let mortgages because they’re still for buy-to-let properties. A portfolio mortgage lender will typically ask you for all the same stuff as a normal buy-to-let lender, except they’ll also ask you to provide a business plan and property schedule.

We’re a specialist mortgage broker with experience arranging portfolio landlord mortgages. See below to compare portfolio mortgage rates and find out how we’ll help you.

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Compare Portfolio Mortgages for Multiple Properties

Compare portfolio landlord mortgages currently on the market with our free best buy tool.

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We recommend you sort by True Cost Comparison find out more

We recommend you sort by True Cost Comparison

We suggest you use our ‘True Cost Comparison’ filter. This allows you to accurately understand how different mortgages compare by ordering results based on the total cost over a ‘deal period’, such as a two, or five-year fixed rate mortgage.

Some low interest rate deals might seem attractive, but if fees are higher they might not be the best value for you. When comparing mortgage deals our true cost comparison factors the lender fees over the length of the deal as well as your monthly mortgage payments.

For example, if your repayments are £2,000 per month on a two-year fixed-rate mortgage, plus £500 in lender fees, the total cost of the deal is £48,500.

We've found 36 mortgage deals that match your search

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Scheme ID 68145
Initial rate 1.35% then 4.59% (variable) ?
Monthly repayments £ 338 ?
Type/Duration Variable ?
Scheme fees £2,200 ?
Cost comparison £10,300 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges £80, plus (2% until 31-07-22) of balance repaid

Other info

Exit fees £80
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 1 month at 1.35%, and then on a tracker rate for 22 years and 11 months at 4.59%. This would require 25 payments of £1,178.78 and 275 payments of £1,639.89. The total amount payable would be £626,280 made up of the interest (£624,080) and fees (£2,280 which includes exit fees of £80). The overall cost for comparison is 4.30% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 68162
Initial rate 1.55% then 4.59% (variable) ?
Monthly repayments £ 388 ?
Type/Duration Variable ?
Scheme fees £3,405 ?
Cost comparison £12,705 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges £80, plus (2% until 31-07-22) of balance repaid

Other info

Exit fees £80
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 1 month at 1.55%, and then on a tracker rate for 22 years and 11 months at 4.59%. This would require 25 payments of £1,206.87 and 275 payments of £1,642.91. The total amount payable would be £628,735 made up of the interest (£625,330) and fees (£3,485 which includes exit fees of £80). The overall cost for comparison is 4.36% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 7550
Initial rate 1.86% then 4.59% (variable) ?
Monthly repayments £ 465 ?
Type/Duration Variable ?
Scheme fees £1,700 ?
Cost comparison £12,860 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 75%
Overpayments allowed? Yes
Early Repayment charges £80, plus (2% until 31-07-22) of balance repaid

Other info

Exit fees £80
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 1 month at 1.86%, and then on a tracker rate for 22 years and 11 months at 4.59%. This would require 25 payments of £1,251.22 and 275 payments of £1,647.50. The total amount payable would be £628,968 made up of the interest (£627,268) and fees (£1,780 which includes exit fees of £80). The overall cost for comparison is 4.36% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 85150
Initial rate 2.08% then 4.59% (variable) ?
Monthly repayments £ 520 ?
Type/Duration Variable ?
Scheme fees £405 ?
Cost comparison £12,885 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges £80, plus (2% until 31-07-22) of balance repaid

Other info

Exit fees £80
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 1 month at 2.08%, and then on a tracker rate for 22 years and 11 months at 4.59%. This would require 25 payments of £1,283.28 and 275 payments of £1,650.69. The total amount payable would be £629,048 made up of the interest (£628,643) and fees (£485 which includes exit fees of £80). The overall cost for comparison is 4.36% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 34877
Initial rate 2.09% then 4.1% (variable) ?
Monthly repayments £ 523 ?
Type/Duration Variable ?
Scheme fees £1,434 ?
Cost comparison £13,974 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 60%
Overpayments allowed? Yes
Early Repayment charges £50, plus (2% in year 1, 1% in year 2)

Other info

Exit fees £50
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years at 2.09%, and then on a variable rate for 23 years at 4.1%. This would require 24 payments of £1,284.75 and 276 payments of £1,576.00. The total amount payable would be £596,924 made up of the interest (£595,490) and fees (£1,484 which includes exit fees of £50). The overall cost for comparison is 3.96% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 34886
Initial rate 2.24% then 4.1% (variable) ?
Monthly repayments £ 560 ?
Type/Duration Variable ?
Scheme fees £1,434 ?
Cost comparison £14,874 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 65%
Overpayments allowed? Yes
Early Repayment charges £50, plus (2% in year 1, 1% in year 2)

Other info

Exit fees £50
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years at 2.24%, and then on a variable rate for 23 years at 4.1%. This would require 24 payments of £1,306.91 and 276 payments of £1,577.96. The total amount payable would be £597,824 made up of the interest (£596,390) and fees (£1,484 which includes exit fees of £50). The overall cost for comparison is 3.98% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 34890
Initial rate 2.34% then 4.1% (variable) ?
Monthly repayments £ 585 ?
Type/Duration Variable ?
Scheme fees £1,434 ?
Cost comparison £15,474 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 70%
Overpayments allowed? Yes
Early Repayment charges £50, plus (2% in year 1, 1% in year 2)

Other info

Exit fees £50
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years at 2.34%, and then on a variable rate for 23 years at 4.1%. This would require 24 payments of £1,321.80 and 276 payments of £1,579.25. The total amount payable would be £598,424 made up of the interest (£596,990) and fees (£1,484 which includes exit fees of £50). The overall cost for comparison is 3.99% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 71428
Initial rate 2.39% then 5.89% (variable) ?
Monthly repayments £ 598 ?
Type/Duration Variable ?
Scheme fees £3,699 ?
Cost comparison £18,039 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 75%
Overpayments allowed? Yes
Early Repayment charges Not Applicable

Other info

Exit fees £150
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a variable rate for 2 years at 2.39%, and then on a variable rate for 23 years at 5.89%. This would require 24 payments of £1,329.29 and 276 payments of £1,867.84. The total amount payable would be £724,599 made up of the interest (£720,900) and fees (£3,849 which includes exit fees of £150). The overall cost for comparison is 5.64% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 7551
Initial rate 2.45% then 4.59% (variable) ?
Monthly repayments £ 613 ?
Type/Duration Variable ?
Scheme fees £405 ?
Cost comparison £15,105 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 75%
Overpayments allowed? Yes
Early Repayment charges £80, plus (2% until 31-07-22) of balance repaid

Other info

Exit fees £80
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years and 1 month at 2.45%, and then on a tracker rate for 22 years and 11 months at 4.59%. This would require 25 payments of £1,338.31 and 275 payments of £1,655.91. The total amount payable would be £631,360 made up of the interest (£630,955) and fees (£485 which includes exit fees of £80). The overall cost for comparison is 4.41% APRC representative.

0344 346 3672 or Enquire now

Scheme ID 17884
Initial rate 2.64% then 4.1% (variable) ?
Monthly repayments £ 660 ?
Type/Duration Variable ?
Scheme fees £1,434 ?
Cost comparison £17,274 ?

Fees & Charges

Booking fees £0
Arrangement fees £0
Valuation fees £0
Other fees £0
Cashback £0

Flexibility

Max LTV 75%
Overpayments allowed? Yes
Early Repayment charges £50, plus (2% in year 1, 1% in year 2)

Other info

Exit fees £50
Basic legals £0

Representative example: A mortgage of £300,000 payable over 25 years on a repayment basis, initially on a fixed rate for 2 years at 2.64%, and then on a variable rate for 23 years at 4.1%. This would require 24 payments of £1,367.10 and 276 payments of £1,583.05. The total amount payable would be £600,224 made up of the interest (£598,790) and fees (£1,484 which includes exit fees of £50). The overall cost for comparison is 4.03% APRC representative.

0344 346 3672 or Enquire now

View more mortgages

How Does a Portfolio Mortgage Work?

A portfolio mortgage works in the same way a normal buy-to-let mortgage.

They’re both:

  • Secured on rental properties
  • Typically interest-only
  • On a one mortgage per property basis – not one mortgage across the whole portfolio

You will need portfolio mortgages when you reach 4 or more properties. This portfolio mortgage would go on your 4th property, then every rental property after your 4th would require a new portfolio mortgage. You wouldn’t need to remortgage any existing properties currently on buy-to-let mortgages onto portfolio products, unless your introductory period was due to end and you didn’t want to go onto your lender’s SVR (Standard Variable Rate).

You can have 4 – 100s of properties with portfolio mortgages.

Portfolio mortgages can be used to finance the following:

  • Normal buy-to-let properties
  • Limited company buy-to-lets – this would require a limited company portfolio mortgage
  • Auction properties
  • Student buy-to-lets
  • Multiple flats under one freehold
  • HMO (Houses of Multiple Occupation)

Portfolio Mortgage Process

1. Meeting with Adviser and Mortgage Research

Meeting with Adviser and Mortgage Research

When you phone us, you can either arrange a phone appointment with your adviser or a face-to-face meeting – whatever suits you. Your adviser will ask you some questions and, once they have all the information they need, they’ll go away and find you the buy-to-let mortgage for your circumstances and future needs. They’ll also arrange a follow up call to present you with what they’ve found. It may require more than one conversation to gather all the right information, depending on where you are in your property search.

2. Decision in Principle

Decision in Principle

Once you’re happy with their recommendation, your adviser will go about securing your DIP (Decision in Principle) - which is basically a promise from the lender that they’ll loan you money on the condition that the information you’ve provided is correct and subject to a valuation of the property.

3. Offer on Property/Refinancing

Offer on Property/Refinancing

After you’ve secured a DIP (Decision in Principle), you’ll be in a great position to make an offer on a property or move forward with refinancing.

4. Pre-Application and Submission

Pre-Application and Submission

Following the acceptance of your offer, we’ll send you some information which explains all the documents we need to submit to the lender. You’ll be assigned a client relationship manager who’ll check and submit certified copies of your documents; they’ll liaise with both you and the lender. Your adviser will then submit the fully packaged mortgage application.

5. Lender Underwriting and Valuation

Lender Underwriting and Valuation

The lender will underwrite your application; this basically means they’ll verify the information you’ve provided and review all your documents for themselves. They’ll also instruct a valuation for their purposes on the property.

6. Mortgage Offer

Mortgage Offer

If the lender is happy with everything they’ve found, they’ll send you a mortgage offer. They’ll also send us a copy.

7. Conveyancing

Conveyancing

After you’ve accepted your mortgage offer, you’ll go through the legal part of the process, known as conveyancing. This is where the solicitors/conveyancers draw up contracts and organise the actual, legal purchase of the property/refinancing. If buying, you’ll also need to arrange buildings insurance at this stage, making sure it’s in place from exchange.

8. Exchange and Completion

Exchange and Completion

Once everything is in place, your conveyancer/solicitor will exchange contracts with the seller’s conveyancer/solicitor. It’s at this point that you put down your deposit and are legally bound to buy the property. You’ll lose your deposit if you pull out after exchange. The purchase completes when money is transferred on an agreed-upon date. This is when you get the keys to your new home.

Portfolio Mortgage FAQs

What Is the Best Mortgage for a Landlord?

  • If you have up to 3 rental properties then you’ll require multiple normal buy-to-let mortgages - you may also want to consider purchasing any buy-to-lets through a limited company as this has certain tax efficiencies privately-owned buy-to-lets don’t
  • If you own 4 or more rental properties then you’ll need portfolio mortgages for any further properties and/or when you remortgage existing buy-to-let properties
  • If your overall borrowing exceeds the limits set by your buy-to-let/portfolio lenders then you may need commercial lending

What Is the Definition of a Professional Landlord and Is It Different from a Portfolio Landlord?

You’re a professional landlord if your main source of income is rent from rental properties. People with buy-to-let properties who already have a job/earn most of their income another way are referred to within the industry as “amateur landlords”.

A lot of professional landlords are also classified as portfolio landlords, as they have 4 or more rental properties which are also their main source of income.

Are Mortgages for Professional Landlords the Same as Portfolio Mortgages?

The status of being a professional landlord in itself won’t determine which mortgage you need. You’re a professional landlord if your main source of income is rent from rental properties. Therefore, you can be a professional landlord with up to 3 properties – which would make you a normal buy-to-let borrower - or more than 3 – which would make you a portfolio landlord who requires portfolio mortgages.

Are Portfolio Loans a Good Idea?

Portfolio loans/mortgages are specifically designed for portfolio landlords – i.e. people with 4 or more rental properties. Therefore, if you have/want 4 or more rental properties, portfolio landlord mortgages will be the only suitable product unless your overall borrowing exceeds the limit set by portfolio mortgage lenders.

How Many Mortgages Can You Have at Once?

You can have 4 – 100s of portfolio mortgages at once. Lenders will have their own limits on the maximum number of rental property mortgages you can have with them, limits on the maximum number of mortgaged rental properties across all lenders and overall limits on the maximum amount you can borrow across all lenders. You may need a commercial mortgage when you reach these borrowing limits. This includes properties owned in your private name and properties owned through a limited a company.

If you reach this borrowing limit and require commercial lending, then you may want to consider remortgaging most – if not all – of your portfolio onto commercial mortgages.

Will I Need Multiple Property Mortgages at Once or Can I Have One Portfolio Mortgage Across My Properties?

You would normally have a different portfolio mortgage on each property, not one mortgage across all your properties. This is called crosscharging and is very rare for residential purchases.

You can have 4 – 100s of portfolio mortgages at any one time. If you already have buy-to-let mortgages on existing rental properties, you could remortgage them onto multiple portfolio mortgages or keep them on buy-to-let mortgages.

How Do I Build a Buy-to-Let Portfolio?

Buy-to-let portfolios usually start with the purchase of one property. Then once the landlord has enough money for a deposit on a new property – whether this comes from savings, inheritance, rental profits – they would typically take out a new mortgage on a new buy-to-let property.

When property prices increase landlords will often also look to remortgage or release equity from their existing properties to raise money as deposits for new purchases.

What Information Do Portfolio Mortgage Lenders Ask for?

Portfolio buy-to-let lenders will ask you for a business plan and property schedule in addition to the usual documents buy-to-let lenders will ask for.

Usual documents for buy-to-let mortgages include:

  • Personal bank statements
  • Business bank statements (for limited companies only)
  • Proof of your ID and address
  • Evidence of earnings – e.g. payslips (for employed) and tax calculation and tax summary (SA302 - for self-employed/directors)

Additional documents for portfolio mortgages include:

  • Full and complete schedule of properties – including: current mortgage details, rent, addresses, etc.
  • Business plan

Insurance

You don’t need to spend hours searching for buildings and contents insurance. We can find insurance tailored to you through our partnership with Legal and General.

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Protection

We have an in-house protection team who can arrange certain life assurances to meet your unique requirements.

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JC Legal

You’ll need a solicitor with experience in portfolio mortgages. We can refer you to an expert who’ll meet your complex conveyancing needs.

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Concierge 

Through our partnership with Just Move In, we can help you get your property ready for tenants. They'll arrange for your property to be cleaned and any removals. 

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