Buy To Let
Buy to let
Providing individual mortgage advice; unique to you
Whether you’re becoming a landlord for the first time or you’re looking to expand an existing
portfolio you will need to take out a buy to let mortgage rather than a standard residential
mortgage. A buy to let mortgage is specifically for people who are buying a property to rent out
to a tenant or tenants.
How do buy to let mortgages differ from residential mortgages?
- Interest rates are usually higher on buy to let mortgages compared to residential
- Whereas for residential mortgages your deposit could be as little as 5% of the property value you will have to pay at least 15% for a buy to let mortgage.
- Unlike a standard mortgage, where the amount you can borrow is linked to your income, with a buy to let mortgage, the lender will instead look at how much rentyou could make from the property on which the mortgage is secured.