Call: 0845 4594490
Email: mail@rightmortgageadvice.co.uk
Call: 0845 4594490
Email: mail@rightmortgageadvice.co.uk
Get free buy to let mortgage quotes using our online quote system below. Search for buy to let mortgage rates from the whole of market, receive upto £150 cash back on completion when you submit your mortgage application online, and get expert independent advice from one of our qualified brokers.
To request independent buy to let mortgage advice from one of our qualified mortgage brokers you can either fill in the quick enquiry form to your left and we will call you back, or search for a mortgage product using our online mortgage quote system above and select apply & you may receive upto £150 cash back on completion.
We will always advise and make a recommendation on all mortgage applications anyway, so you can rest assured that any product selection you make will be checked to ensure it is suitable for your needs.
Buy to let mortgages are for the purchase of property to let to tenants for residential use only. If you have a property which mixes commercial space with residential letting, such as a shop with a flat attached a semi commercial mortgage may be required.
Buy to let mortgages are usually assessed based on the rental income which might be generated by the property, either through the rental assessment made by the valuer or perhaps based on the tenancy agreement in force if you are looking at a remortgage. However some lenders will also either take into account your own income or may base lending entirely on your own income.
It is a typical requirement for rental income to cover the mortgage by 125%. This means that you will need the payment on the mortgage to be no more than four fifths of the expected rental income on an unfurnished basis. Some lenders will take an even less favourable view by requiring the rental to cover the mortgage on a repayment basis rather than interest only.
Most buy to let mortgages are arranged on an interest only basis with the sale of the property being given as the method of repaying the outstanding mortgage balance. It is also usual for lenders to be happy to arrange the mortgage with a term stretching well beyond retirement perhaps as far as your 75th or even 80th Birthdays.
Loan to value limits on buy to let mortgages tend to be lower, at the time of writing a minimum deposit of twenty percent will be required.
Other information relating to buy to let mortgages you may be interested in:
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