Buy-to-Let mortgages
A buy-to-let mortgage is designed for
borrowers who want to let their property out to a third party
(i.e. tenants).
More and more people are investing in property as a long-term
opportunity to potentially make profitable returns, and as
a way of potentially securing finance for their retirement.
There are now plenty of competitive
mortgage deals around that are specifically aimed at the buy-to-let
market, ranging from special offer mortgage deals to fixed
and variable rate options.
Our advisers at Northridge Mortgage
Solutions can help you find the best deal for you, whether
you have a large portfolio of rental properties, or, if this
is the first time you have considered buying a second property
to rent out.
With a buy-to-let mortgage some lenders
will only consider your rental income when offering a mortgage,
while others will place more emphasis on your normal earnings.
Your expected rental income will normally
need to exceed your mortgage repayments by a certain percentage.
For example, the mortgage lender may require a rental income
of 125% of your monthly mortgage interest payments. The 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 5 and 40years and for up to 85%
of the property value.
When considering a buy-to-let it is
also necessary to bear in mind any additional costs such as
letting agent's commission, if you are using one, protection
premiums for building and contents cover; rental and legal
expenses cover, the costs of keeping the property in a suitable
condition for letting, and if applicable the service charges
and ground rents if the property is leasehold.
So please complete our enquiry form
and we will contact you.
Your property
may be repossessed if you do not keep up repayments on your
mortgage.
Details
of our fees can be found here.
The FSA does not regulate Commercial
Mortgages or some forms of Buy to Let Mortgages. |
