Buy to Let Mortgage UK
Buy to let mortgages are becoming more and more popular in the UK. They can potentially be very good investment opportunities. Bear in mind though, that there are a number of different buy to let mortgage deals available to if you are interested then why not get in touch for some free advice!
Key Facts - Buy to Let Mortgages
Purchasing a house to rent out can provide a welcome additional source of income. Additionally, they can be very good investments due to the rise in the value of the house over the longer term. With our expert and friendly advice, we can make sure you go for the best deal for your circumstances. Certain things to bear in mind are:
- Potential Rent - this can have an impact on the amount you can borrow
- Higher Interest - these type of mortgages tend to come with slightly higher interest rates
- Bigger Deposit - you can expect to pay a larger deposit for your mortgage and this can sometimes be as much as 20-25%
Extra Costs
If you opt to purchase a new property for rental purposes then it is useful to remember that extra costs will be involved. You should roughly be aiming for around 130% of interest repayments on the mortgage. This should ensure you have enough to cover any expenses that may arise. These costs can include things like maintenance, fee's for letting / estate agent, insurance, household furnishings and decorating etc.
