How We Can Help With a Buy-to-Let Mortgage

A buy-to-let mortgage is a different proposition from a normal mortgage, allowing you to buy a property and then rent it out to tenants over a long period of time. What do you need to know if you are considering getting a buy-to-let mortgage?

The first thing is that you need to have created an extensive plan, including thorough rental forecasts for your property. The personal income of a landlord might also be taken into account in some instances. When putting together your plan it is important to factor in void periods. There is always the risk that your property will be empty for short-periods of time, so it is important that this is understood when considering a mortgage.

You are likely to need a larger deposit than on a traditional residential mortgage. This figure will vary from lender to lender, but be prepared to have savings of more than the 10% expected with a traditional mortgage. You can choose to lower your monthly mortgage repayments by choosing to pay it back with interest only repayments, but this can take longer overall to pay back the total mortgage.

If you are considering taking out a buy-to-let mortgage it is important that you understand that it is a very different proposition to taking out a traditional mortgage. Our team at Central Mortgages have a wealth of experience and know-how, as well as a network of amazing mortgage providers. This ensures that we can help you get the best but-to-let mortgage deal for your circumstances. To find out more information, contact us today by calling 01277 630 183 or by sending an email to office@centralmortgages.net.