Rising property values and a booming lettings market has meant that many lenders have developed mortgage deals tailored to the needs of would-be landlords. For investors seeking rental yield or capital growth, property has proved a good investment at a time when returns on other types of asset have been comparatively low. Landlords can buy property in their own name or through a limited company.
When looking for a buy-to-let mortgage, there is a principle to be met. Lenders will require you to already be owning a property with an outstanding mortgage. Other conditions include annual income, age and credit rating. With the support of our qualified experts, we can discuss your plans and find the best way forward.
This will depend on the value of the property you plan to buy and how much rental income you are aiming to receive. Commonly, lenders wish for your rental income to be 25-30% higher than your mortgage payment.
If you are unsure of what the rental cost of the property will be, talking to an estate agent could be beneficial. This will help you to compare the prices of other rented properties within the local area.
To progress with a buy-to-let mortgage, we will support you in finding the most convenient solution to suit your requirements.