Low savings rates and, somewhat volatile, stock market fluctuations mean that Buy-to-let property has become a more attractive investment option. In addition to that, the increasing demand for rental properties (in certain parts of the UK) has made being a landlord an appealing source of growing income.
If you’re buying a property to let, the first hurdle is to make sure you get the right type of mortgage. Get it wrong, and you’ll be committing fraud. We can help you find the right buy-to-let mortgage for your needs. Jump straight to our list of categories to find out more.
Buy-to-let mortgages allow you to borrow the money needed to purchase a property that you can then rent out. A buy-to-let mortgage will be offered by a number of banks and building societies, and, traditionally, it will be more expensive than a standard residential mortgage because there’s a higher considered risk.
If you have a residential mortgage and you rent out your property, without the bank’s knowledge, you could find yourself committing mortgage fraud.
If you’d like to take out a buy-to-let mortgage, you’ll need a higher deposit than you’d need for a residential mortgage. You can expect to put down at least 25% as a deposit, although many of the best buy-to-let mortgage deals require a 40% deposit.
