BUY TO LET
Previously, buying a property to produce an income was considered by lenders to be a commercial undertaking. Therefore mortgages, on property intended to be a buy to let, have in the past attracted higher interest rates than those available to owner-occupiers. Also, rental income was not usually allowed to be considered in the assessment of a borrowers ability to repay the mortgage.
However a great deal has changed in how buy to let mortgages are structured and lenders are now more prepared to provide a much more flexible approach to lending criteria and interest rate charges.
It is therefore vital that your present and long term objectives are discussed with those who understand the market place and who will be able to guide you through the buy to let mortgage maze.
Insurance cover is also available to protect the rental in the event of a defaulting tenant, and for legal expenses as well as the usual building and contents insurance.
Armed with suitable advice, Buy to Let investors can start looking for a suitable property. Once a property has been found, the letting potential can be assessed, what rent may be achievable in the local market and whether re-decoration and new fixtures and fittings are needed to attract good tenants and to avoid the chance of long empty periods.
Before buying any property firstly find out about your mortgage needs and what it means in cost terms to become a property investor and Landlord.
Contact us today and see for yourself how you can achieve your objectives with our assistance providing a broad view of the Buy to Let mortgage market and also a unique range of mortgage products.
