Together Buy-to-Let Mortgages:
Portfolio Landlord Guide 2025

Why Portfolio Landlords Choose Together

Mainstream buy-to-let lenders have become significantly more restrictive since the Prudential Regulation Authority (PRA) introduced tougher underwriting standards for portfolio landlords (those with 4+ mortgaged properties) in 2017. Many high-street lenders now have hard portfolio caps, won't lend to limited companies, or refuse to consider HMOs and multi-unit blocks.

Together occupies the specialist lending space that mainstream lenders have vacated. Their BTL mortgage range is specifically designed for landlords with complex portfolios, unusual property types, or structures — like SPV limited companies — that standard lenders won't touch.

The key advantages Together offers portfolio landlords over mainstream lenders are: no portfolio cap (no limit on number of mortgaged properties), acceptance of newly incorporated SPVs, HMO lending up to 10 beds, MUFB lending up to 20 units, and — critically — a human underwriter who engages with the actual economics of your portfolio rather than applying blanket rules.

Together BTL Mortgage Criteria 2025

Criterion	Together's Position
Minimum loan amount	£50,000
Maximum LTV	80%
Loan term	Up to 30 years
Repayment type	Capital & interest or interest-only
ICR (Interest Cover Ratio)	From 125% at pay rate (stress tested at 5.5%)
Portfolio landlord cap	None — no limit on portfolio size
First-time landlords	Considered, particularly with strong financials
Minimum rental yield	No set minimum; assessed via ICR
Property condition	Habitable; refurbishment via bridge then BTL refi
Minimum value	£75,000 for standard; £100,000 for HMO
Location	England, Wales, Scotland

Limited Company & SPV Mortgages

Since the 2017 reduction in mortgage interest relief for personal name landlords, the limited company (SPV) route has become the preferred structure for many portfolio landlords expanding their portfolios. Together is one of the most SPV-friendly lenders in the market.

Key features of Together's limited company BTL mortgage:

• No seasoning requirement — Together accepts newly incorporated SPVs from day one, whereas many lenders require 2+ years of company trading history
• Single-purpose vehicle (SPV) preferred, but trading companies also considered on merit
• Director guarantees required for the company mortgage
• Multiple directors / shareholders acceptable
• Complex ownership structures (trusts, partnerships as shareholders) considered case by case
• Expat directors: UK company structure considered with a UK property as security

HMO Mortgages

Houses in Multiple Occupation (HMOs) are one of the most challenging property types to mortgage through mainstream lenders, yet one of the highest-yielding asset classes in the UK BTL market. Together lends on HMOs up to 10 bedrooms, covering the full range from small 3-bed student houses to larger professional HMOs.

Together HMO Mortgage criteria:

• Up to 10 bedrooms accepted
• Must hold relevant HMO licence where required by the local authority
• Rental income assessed on a room-by-room or whole-property basis
• Available in personal name or limited company (SPV)
• Minimum value: typically £100,000
• Location: England, Wales, Scotland

Multi-Unit Freehold Blocks (MUFB)

Multi-unit freehold blocks — where a single freehold title contains multiple residential units — are another specialist category that most high-street lenders refuse entirely. Together lends on MUFBs of up to 20 units.

A MUFB is distinct from a block of flats on long leases; in an MUFB, all units are owned under one freehold title by the same owner. This structure is popular among investors as it avoids management company complications and can be more cash-flow efficient than individual leasehold flats.

Holiday Let Mortgages

The short-term holiday let market — Airbnb, VRBO, Sykes — has grown substantially in the UK and generated significant demand for holiday let mortgages. Together considers holiday let applications where:

• The property is in a recognised tourist location with demonstrated rental demand
• Rental income is assessed on a conservative average annual basis (not peak projections)
• The property is available for rent for a minimum number of weeks per year
• Available in personal name or limited company

The Bridge-to-Let Strategy with Together

One of the most effective property investment strategies available through Together is the "bridge-to-let" approach, and the fact that Together provides both the bridging loan and the exit BTL mortgage makes them uniquely positioned to facilitate this end-to-end.

The strategy works as follows:

• Step 1: Identify an unmortgageable property — poor condition, non-standard construction, uninhabitable — typically available at a below-market price at auction
• Step 2: Purchase using a Together bridging loan (decisions in 24–48 hours, completions in days)
• Step 3: Refurbish the property to a lettable standard
• Step 4: Refinance onto a Together buy-to-let mortgage once the property meets standard lending criteria and has a tenant in place
• Step 5: Extract equity (if the uplift in value justifies it) and repeat

The key advantage of using Together for the entire cycle is continuity. Together's underwriters already know the property and the borrower from the bridging stage, which can significantly streamline the BTL refinance process.

Understanding ICR (Interest Cover Ratio) with Together

The Interest Cover Ratio (ICR) is the primary affordability test for buy-to-let mortgages. It measures the rental income as a percentage of the mortgage interest payment. Together's standard ICR requirement is 125% at the pay rate, stress-tested at 5.5% — meaning that for every £1 of monthly mortgage interest, the property must generate at least £1.25 of monthly rental income.

For example, on a £200,000 BTL mortgage at 75% LTV:

• Annual interest at 5.5% stress rate: £11,000
• Monthly interest: £917
• Minimum monthly rent required at 125% ICR: £1,146
• Annual rental income required: £13,750

For higher-rate taxpayers holding property in personal names, Together may apply a higher ICR stress (typically 145%) to account for the reduced mortgage interest relief. Holding property in an SPV avoids this additional stress as companies pay corporation tax, not income tax.