A buy to let mortgage is designed for those who want to buy property to rent out to a third party. As with a residential mortgage you can choose between fixed, discount, and other mortgage types, however the key difference is working out how much you can borrow. Buy to let mortgage lenders usually base their decisions on the likely rental income from the property instead of the applicant's annual income.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Our initial consultation is free. We will charge a fee between £399 and £999 that is payable on application. The amount we will charge is dependent on the amount of research and administration required. We reserve the right to charge a subsequent fee of £99 for each further application that may be required.
Use the Your Move buy to let calculator to work out the required rental income that may be needed from your proposed buy to let property.
For more information or to book an appointment for mortgage advice call Your Move today, for free, on 0800 056 4508^ or book an appointment.
The calculator provides a Loan to Value percentage which is the ratio of your mortgage expressed as a percentage of the value of the property. The calculator also suggests a higher and lower figure for the rental income that a lender may require to support a given mortgage. The higher figure assumes a mortgage interest rate of 5.09%, and the lower figure a rate of 4.49%. Both calculations are based on the lender requiring 125% of the monthly mortgage interest payment as a rental income. Please note that the exact criteria may vary from lender to lender.
This calculator provides a guide to the rental income likely to be required from a lender to support the mortgage applied for and does not guarantee eligibility for the mortgage. Please contact us for a personalised Key Facts Illustration.
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