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The key is to find yourself a good location and reliable tenants and ensure that your rental income comfortably covers your monthly mortgage interest repayments.
All mainstream mortgage lenders offer Buy to Let Mortgages. Each lender has different lending criteria but as a guide the rental income should exceed the monthly mortgage interest repayments by 25%-30% and you’ll normally need a deposit of at least 15%.
As an alternative to a 15% deposit some lenders will allow you to use equity from a property that you already own. Other providers calculate how much you can borrow by using a combination of your salary and the expected rental income.
Buy to Let Mortgage interest rates are usually higher than standard residential mortgage rates. However, you’ll find a whole range of mortgage types available from variable to fixed rate to capped rate schemes. That’s why it is so important to take good advice on your Buy to Let Mortgage arrangements.
Ask for a quote today and a Mortgage Adviser will call you about your Buy to Let Mortgage with the next 24 hours.