Considering investing your savings in a second property?
Take a look at our video to explore all the essential information regarding purchasing for rental purposes!
When purchasing a property for rental purposes, it is essential to secure a buy to let mortgage. Buy to let mortgages in the UK closely resemble residential mortgages, but there are notable distinctions.
To qualify for a buy to let mortgage, a deposit of 25% is typically required due to the higher risks associated with renting out property. However, it is feasible to obtain a mortgage with a 20% deposit, while aiming for the most favorable buy to let mortgage rates necessitates having 40% of the property's purchase price.
Lenders usually expect rental income to be between 125% and 145% of the monthly interest payments, in addition to a minimum annual income of £25,000.
Given that mortgages typically span around 25 years, many lenders impose an upper age limit of either 70 or 75 years. To enhance your chances of approval for a buy to let mortgage, it is advisable to be 45 years old or younger at the time of application.
PLEASE NOTE THAT YOUR HOME MAY BE REPOSSESSED IF YOU FAILTO KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
If you are purchasing your initial rental property or a seasoned landlord seeking to grow your investments, our buy to let mortgage brokers are here to assist you in locating the most suitable buy to let mortgage for your requirements.
They will dedicate the necessary time to comprehend your financial objectives and evaluate numerous offers from the top lenders in the UK to secure the ideal arrangement for you. Once you are prepared to submit your application for the new buy to let mortgage, they will manage the entire procedure from beginning to end, alleviating you of any stress or inconvenience.
© 2024 By EcMortgage. EC Mortgage Solution Ltd is an appointed representative of Beneficial Ltd, which is authorised and regulated by the Financial Conduct Authority, FCA number 736655. EC Mortgage Solution Ltd is authorised and regulated by the Financial Conduct Authority, FCA Number 974789.
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