Buy To Let Mortgage
Buy to let mortgages became very popular during the housing boom.
The basics behind it are that you borrow on a property to let it out to tenants. For a buy to let mortgage you will typically need a deposit of 20% although you can borrow this against your own property. The buy to let mortgage lender will be expecting the rent you hope to receive to pay the mortgage so you’ll need to be sure of that.
Consider a few issues in our Buy to Let Mortgage Questions & Links item below. Contact the UK Mortgage Adviser of the Year for three years running to find out which buy to let mortgage is best for you complete our enquiry form or call Worldwide Financial Planning on 0800 0112825.
Will I always have a tenant? If the property is empty for 2 months in the year this will leave a large hole in your budget.
Will my tenant be a good one? If a tenant decides not to pay there is a process for getting them out. It’s not quick and it could cost you. It may be a 3-month process (2 month notice and one month cleanup)
What if interest rates rise? If they do they will eat into your profit and you may struggle.
But I can always sell my home can’t I? Sure you can, but in a down market this can be tricky and you can lose all your gain as people turn away from the property market.
But properties always go up don’t they? They do… until they don’t. Like any asset they have their cycle. If you are trying to sell at the wrong time you won’t get the best price for your property and you may lose..
Repairs? Repairs can be substantial and should be factored into your profit. A bad tenant can cost money in repairs.
Tenancy agreements? Make sure they are tight and factor in legal expenses.
In short do a realistic budget and you will be fine.
With so many Buy To Let Mortgages to choose from, where can you go?
Contact Worldwide Financial Planning today. We’ll help you choose.
‘Your home may be repossessed if you do not keep up repayments on your mortgage’
Need further advice? Contact your mortgage adviser on:
0800 0112825 or complete the enquiry form
We will tell you very quickly if your mortgage is likely to be successful.
Or the case of a remortgage, you are better staying with your existing lender.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Our fee guarantee: You will not pay any fees unless we can help you.
When you contact us for mortgage advice your dedicated adviser will stay with you from the beginning of your enquiry right through to the end.
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