Buy-to-let mortgage.
Buy-to-let mortgages are for investment properties and are becoming increasingly popular. If you’re thinking about buy to let mortgages, whether it’s your first investment or you’re a seasoned private landlord,then speak to us, we'll be happy to talk you through this sometimes complex area.
As with regular domestic home loans there are many products on the market ranging from special offer deals to fixed and variable rate loans. With a buy-to-let mortgage it is normal for lenders to base the amount they will advance based on the rental income when offering a mortgage, However, increasingly we find lenders are also taking into consideration an applicants income to help achieve the desired loan.
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Your expected rental income must exceed your mortgage repayments by a certain percentage. For example, your mortgage lender may require a rental income of 130% of your monthly mortgage payments. This is usually on an interest only basis,however some lender will consider rental incomes as low as 100% of the rental income.
Your lender will also want to establish whether the property you are buying is a good long-term investment. So buy-to-let mortgages are subject to the usual status checks. Generally buy-to-let mortgages are available for between five and 45 years and for up to 80% of the property value.
When considering an investment property you should bear in mind additional costs such as letting agent's commission, insurance premiums for building and contents cover and rental and legal expenses cover, the costs of keeping the property in a suitable condition for letting, service charges and ground rents if the property
If you would like further advice or information, please contact us and we will be happy to help.
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