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BUY TO LET MORTGAGES
Buy To Let mortgages have a number of key differences to mortgages for your residential home. Firstly, they are normally offered on the strength of the rental income projected for the investment property concerned, rather than upon the level of your personal income. Whilst most Buy To Let mortgages do have a minimum income requirement, this is normally very low, with the level of rental income compared to the cost of of the mortgage being far more important to the lender.
A representation of the lenders available for Buy To Let mortgages is shown below :
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Historically, Buy To Let lenders have required a rental income in the region of 125% of the monthly mortgage payment (based on interest only). However, there has been a recent relaxation in rental requirements, to the degree that in some cases rental income is not confirmed at all, although such products may have a higher rate of interest than other schemes.
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Typically, you will need a deposit of between 10-15% of the purchase price, however as this is a developing market, new schemes are being launched regularly.
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Why not contact us for a free initial consultation to discuss your circumstances on 01924 256720
Buy To Let mortgages are not regulated by the Financial Services Authority
Your property may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 0.5% of the loan. You have the option to pay us a fee and receive any commission which we are paid by the lender. If you choose this option, we estimate that the fee will be 0.5% of the loan.
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