Investment Mortgages / Buy to Let and Rental
Type Mortgages
If
you are buying a property for investment purposes
- i.e. to rent out rather than live in - you will need a buy-to-let
(BTL) mortgage.
Buy to Let mortgages are different from mainstream
mortgages as, instead of assessing the amount you can borrow based
on your income, loans are calculated on the rent
you could get for the property.
In the past lenders required a rental coverage above that of the
mortgage amount, for example 120 per cent of the monthly repayments.
But lately the rules have become more relaxed and you can get
a mortgage with rental coverage of 100 per cent in some cases.
However you normally still have to raise a deposit of 10 per cent
or more. Traditionally only a small number of specialist lenders
offered BTL mortgages but more recently we have seen high street
banks start to lend to landlords.
BTL mortgages can normally be either repayment or interest-only
loans. Interest-only mortgages mean cheaper monthly payments but
the property will not be yours at the end of the term – you will
still need to repay the capital amount or sell the property. Repayment
mortgages ensure that you repay a bit of the capital and a bit
of the interest each month and at the end of the term the debt
is fully paid off.
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