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Mortgage Finder ~ Buy To Let Mortgages

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What is a Buy to Let Mortgage?

Previously, buying a property to produce an income was considered by lenders to be a commercial undertaking. Therefore mortgages, on property intended to be let have in the past attracted higher interest rates than those available now. Also, rental income was not usually allowed to be considered in the assessment of a borrower’s ability to repay the mortgage however this has now changed with many lenders.

However a great deal has changed in how these mortgages are structured and lenders are now more prepared to provide a much more flexible approach to lending criteria and interest rate charges.

Contact Mortgage Finder today and see for yourself how you can achieve your objectives with our assistance providing a broad view of the Buy to Let mortgage market and some unique mortgage products.

If you are planning on buying a Buy to Let property take into account the new stamp duty costs. Calculate the costs here

Buy to Let Does & Don’ts

  • DO - Ask the advice on local rental market demands.
  • DO - Consider a buy to let property as a medium to long term investment.
  • DO - Furnish and decorate to a good standard. Good quality bathrooms and kitchens will attract the best tenants and help you to let quickly every time.
  • DO - Make sure your sums add up. Ensure that the rent will cover mortgage payments and other costs, even if you have periods without tenants?
  • DON'T - Buy anything with intensive maintenance problems. Large gardens add little to the rental value and will cost you a lot to maintain.
  • DON'T - Allow your own personal taste to influence your decisions. Ensure the property you choose matches the local market needs.
  • DON'T - Use off-the-shelf tenancy agreements from stationary shops. Ensure your paperwork suits your circumstances.
  • DON'T - Forget to issue the right documents or fail to have a condition report or proper inventory made before a tenant moves in.
  • DON'T - Leave the running of your property to friends or relatives when you are away. Tenants will need a proper management service.
  • DON'T - Use second hand furniture or old soft furnishings. You have to abide by the Furniture and Furnishing Regulations.

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