Why compare buy to let mortgage deals?
Going to your bank is no longer the best thing to do when it comes to mortgages. There are often better deals available from other lenders.
Using us and comparing over 100 lenders could save you £1000's over the term of your mortgage.
Using us and comparing over 100 lenders could save you £1000's over the term of your mortgage.
What is a buy to let mortgage?
A buy to let mortgage is a type of loan specifically designed for individuals who want to purchase property as an investment, with the intention of renting it out rather than living in it themselves.
How are they different to other mortgages?
Income assessment
Generally lenders will assess affordability by the potential rental income as opposed to your income. Rental income is usually expected to be over 125% of the mortgage repayments
Interest rate
The interest rate on a Buy To Let mortgage often attract higher interest rates. Unlike a residential mortgage, you will often have the opportunity to take our an interest only mortgage which results in lower payments but only payments being made towards the interest, at the end of the loan the capital will need ot be repaid (usually by selling the property).
Deposit
The amount required as a deposit is going to be higher than a traditional purchase. Lender will typically want a minimum deposit of 25% in contrast to your typical purchase where a deposit as low as 5% can be acceptable.
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