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Landlord
Mortgages
Buy
to let mortgages are mortgages designed specifically for landlords. If you are
buying a property to rent it out, you will need a buy to let (or landlord) mortgage.
Whether you choose a repayment buy to let mortgage or an interest only buy to
let mortgage depends on whether you have just one property or whether you are
planning on building up a portfolio of properties for rental purposes.
Buy
to Let Mortgage Broker
As
a prospective landlord, it is important to get unbiased advice on the right buy
to let mortgage for your circumstances. With around hundreds of buy to let mortgages on
the market, the choice can be bewildering.
A
buy to let mortgage broker like Mortgages
for Business, who have been at the forefront of the buy to let mortgage
market since its inception, can offer impartial advice on the right mortgage deal
for you.
Landlord
Mortgage Calculations
As
a landlord, you must be able to prove to the mortgage lender that your rental
income from the property will cover the buy to let mortgage payments. Typically
this is between 125% and 150% of the rent charged. This is quite different from
residential mortgages, where the maximum amount lent is calculated on the borrower's
salary.
The
landlord is also responsible for the upkeep of the building, so it pays to be
careful about the rental property you buy. Your rental income will not only have
to cover buy to let mortgage, it also has to cover landlord insurance and property
repairs.
Becoming
and landlord and renting out property can be a very good source of income, but
before you select a buy to let mortgage, ensure that you are getting the best
buy to let mortgage deal by consulting an independent buy to let mortgage broker.
They are there to help you find the right mortgage for your specific buy to let
requirements.
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Buy
to Let Mortgage Advice
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With
over 40 lenders and hundreds of different buy to let mortgage products in the marketplace
it is vital to get independent, unbiased advice when choosing a buy to let mortgage.
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An
independent mortgage broker such as Mortgages for Business can help you through
the maze of buy to let mortgages as well as offering mortgage deals generally
not available from other lenders. Whether you want a buy to let repayment mortgage
or an interest only buy to let mortgage, get unbiased advice from an independent
buy to let mortgage broker.
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