Buy To Let Mortgage

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Buy To Let Mortgage

As the name suggests, you take out a buy to let mortgage when you are buying a property for rental purposes. Most lenders now offer a wide range of products for their buy to let mortgages. These include fixed mortgages, tracker mortgages, discount mortgages and so on. The buy to let mortgage lenders will generally insist that you put down a minimum deposit of around 15% before you can qualify for the mortgage. Almost all buy to let mortgage lenders will look at the expected rental income from the property. In most cases the lenders will expect the rental income to be a certain percentage above the monthly mortgage payments. For example your mortgage lender may require a rental income of 120% of your monthly mortgage payment. This means that if your monthly mortgage payment is £1000 then your expected rental income must be £1200.

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