Investing in property
Buy To Let Mortgages
Our buy to let mortgages could help you make a success of your investment, whether you’re a first-time buyer or building up your property investment portfolio.
We Search 1000’s of Buy to Let Mortgage Deals to Save you Money!
Buying to Let
A buy to let mortgage is what you’ll take out if you plan to buy a property to rent it out. If you rent out your property, you become a landlord and have legal responsibilities to carry out. Buy to let mortgages often cost more than residential mortgages but you can use them to earn a profit.
The amount you can borrow with a buy to let mortgage depends on how much income you expect to get in rent. You often need a monthly rental income of 25 to 45% more than your monthly mortgage repayments.
Many lenders ask for at least £25,000 in rental income. Others may not ask for a minimum at all. If you’re a first time buyer, a lender is likely to consider your gross salary when you apply for a buy to let mortgage. You’ll need a buy to let mortgage if you rent your property out.
If you already have a residential mortgage you’ll need to switch to a buy to let mortgage if you plan to rent it out.
What are the costs of buy-to-let mortgages?
Buy to let mortgages often cost more than residential mortgages. It’ll cost more because:
- You need a deposit of at least 25%
- The interest rate is higher
- Lender fees are higher
Some forms of Buy to Let mortgages are not regulated by the Financial Conduct Authority.
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YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE, OR ANY OTHER DEBTS SECURED ON IT.
Investing in Property
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