Buy to Let Mortgage Advisors
WHAT DO I NEED FOR A BUY-TO-LET MORTGAGE?
A majority of lenders will ask you to put down a larger deposit for a buy-to-let mortgage. This deposit is normally around 25% of the property’s value, however the mortgage may require a larger deposit at times this could be as large as 40%.
Consumer Buy to Let
WHAT IS A BUY-TO-LET MORTGAGE?
A buy-to-let mortgage is a mortgage done to help people who purchase their property as an investment, rather than just as a place to live. If you want to rent out your property for a profit, you will not be able to finance your property with a standard mortgage.
ARE They MORE EXPENSIVE?
Buy-to-let mortgages do have larger fees and higher interest rates because they are a larger risk for the lender. Landlords with a buy-to-let normally expect their monthly mortgage payments to be covered by the rent they receive.
DOES BUY-TO-LET PROPERTY COST?
In 2019 the average purchase price for a buy-to-let property was £123,786, compared with an average of £227,709 for a residential property. This could suggests prospective landlords are looking for properties less expensive, due to them needing a larger deposit to get a loan.