A Buy to let mortgage is a home loan for a property you purchase to rent out. It is sometimes known as a landlord mortgage, and you can get full details about the products available by speaking to an advisor. You can get a Buy to Let mortgage to rent out as accommodation, for commercial purposes, or as a holiday home.
For a Buy to Let mortgage, you generally
need a larger deposit than you would for a residential mortgage (usually around
30% minimum). If you don’t have that level of savings, some lenders will
consider taking a charge against another property you own in lieu of a cash
deposit.
Mortgage terms are typically on an interest-only basis to keep the monthly repayments cheaper. This means you only pay the
capital back when the loan term ends or you sell the property.
You can take out a Buy to Let mortgage as
an individual or limited company. It is strongly advised that you speak to a mortgage
broker before taking out a Buy to Let mortgage so you are clear about your
responsibilities and terms of the deal, and to make sure you get the best
possible rate.
At My Mortgage Maker, we help buyers
find the best deals on mortgages in Bath, Bristol, and the surrounding
areas.
