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 If you do not have the funds to purchase a property outright then you will need a mortgage. Where previously borrowers were restricted to commercial mortgage lenders, nowadays the buy to letmortgage marketplace is quite competitive and the lending rates approach those of the mainstream lenders. You will need a deposit of at least 15% for a buy to let mortgage and additional funds to cover survey fees and legal expenses. Another option to consider is a 'let to buy' mortgage where you let your current home and buy another at up to 95% loan to value, if this is of interest complete the Quick Quote All lenders will require you to have an income, this gives the lender piece of mind that the mortgage will be paid even if there is no tenancy in place. Some buy to let lenders require that your income covers both your existing property and the let property. Other lenders just require that the rent covers the mortgage payment by a set percentage. You can buy to let several properties, a strategy often pursued by professional landlords is to buy properties one by one using the equity in the previous property as deposit for the next. Tel: +44 (0)23 80 584644_ Fax: +44 (0)23 80 584655 |
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