Buy-to-let (BTL) mortgages are for landlords to buy property specifically to rent out. Investing in residential property for the private rental sector has become a popular investment strategy.

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Buy to let mortgage are available up to 85% of the purchase price although there are many more rates available at 75% LTV. Borrowers must be able to prove they can get high enough rental income to cover the interest on the mortgage plus a surplus usually between 125% and 130% of the monthly mortgage repayment. A large proportion of lenders also require a minimum income of £20,000 per year in addition to the rental income.

You can usually choose either an interest only or repayment (capital and interest) buy to let mortgage. A repayment option may be better for someone who has one or two property’s and using property as an alternative pension plan.

The interest only option is usually more popular with experienced landlords or if there is not the rental income to pay for a repayment mortgage. with an interest only option the landlord investor will aim to develop a portfolio of property allowing them to have greater cashflow to re-gear in order to increase their number of properties. At the end of the mortgage term, the property can be sold to repay the mortgage.

It is important that you seek independent financial advice as it is highly unlikely that one lender will offer the best deal in both areas you to find the best rates from the whole market. 

Why not find out what is the best mortgage options for you so contact us today.

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