Buy to Let
The buy to let property market is booming throughout the country. Demand is constantly rising meaning that property prices keep going up. There is also a consistent, growing demand for rental properties, ensuring a steady stream of rental income. Contact Book My Mortgage to see how we can help you break into the property market or expand your property portfolio.
Residential vs Buy to Let Mortgages
If you do this and your lender finds out you could be forced to pay back the entire borrowed amount immediately. They might also put penalties or fines in place and make you switch to a higher mortgage rate.
What are the Differences?
Higher Arrangement Fees
Additional Lending Criteria
How much you are able to borrow on a buy to let mortgage is not determined based on your income but rather according to the rental income the property will likely be generating.
Do I Qualify?
Many lenders require that clients are over a certain age before they will permit them to take out a buy to let mortgage. They also ask that you have an income which will easily cover the mortgage during times when the property is unoccupied.
Interest Only Mortgages
Most buy to let mortgages are interest-only meaning that monthly payments are smaller.
With this type of buy to let mortgage the lender is offering a rate lower than their standard one.