Buy to Let Mortgages
Buy to Let Mortgages and Remortgages
Buying a property to let out with a Buy to Let Mortgage can be a valuable investment, with the potential to provide you with a regular income and capital growth.
You can choose to borrow in your private name or as a combination of private individuals (up to 4 applicants allowed).
A choice of how to let your Buy to Let property from a range of acceptable options. You're not restricted to just an Assured Shorthold Tenancy.
Mortgage terms can be for 5 to 25 years.
Monthly repayments can be on an interest-only and/or capital repayment basis.
Rental cover of 125% required to cover your annual mortgage interest payments, calculated on a pay rate of the product you select (initial interest rate).
Please note that an assessment of the market rent based on letting to a single household, will be provided as part of the valuation and it is this figure which will be used to actually underwrite your mortgage.
But like any good investment, there is an element of risk ie. periods of unoccupancy, expensive house repairs and refurbishment, decreasing property prices and fluctuating rental income. Many lenders now offer Buy To Let Mortgages with interest rates not far removed from residential mortgages with the rental income being used rather than personal income to assess the amount you can borrow.
Most buy to let mortgages are not regulated by the Financial Services Authority.
There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to cover the cost of the mortgage.
Your home may be repossesssed if you do not keep up repayments on your mortgage.
A fee may charged for mortgage advice. A typical example is £500. The precise amount will depend on your circumstances.
Tel: 0845 2911104
Email: info@mortgage-advice-wales.com