What is a Buy–to–let Mortgage
What is a Buy–to–let mortgage?
A Buy–to–let mortgage are for landlords who want to buy a property to rent it out. The rules around Buy–to–let mortgages are similar to those around regular mortgages, but there are some key difference. Call in today to speak with one of our expert mortgage advisers, so we can help you decide if a buy–to–let mortgage is for you.
1. Who can get a buy–to–let mortgage?
Anyone who wishes to, invest in houses or flats, if you already own a home, whether this be outright or with an outstanding mortgage. You will need a good credit score and be under a certain age. By speaking with one of our specialist advisers today we can help you find out quickly if your personal circumstance matches the criteria to be approved for a buy to let mortgage.
2. How to Buy–to–let mortgage work?
A Buy–to–let mortgage are like ordinary mortgages, but have some key difference;
– Set up fees tend to be much higher.
– Interest rates are normally higher.
– The minimum deposit is usual 25% of the house value, but this can vary between 20%–40%.
– You will be liable for Capital Gains Tax if you ever decide to sell your second property.
3. The importance of receiving advice from an Independent Mortgage Adviser
Most Buy–to–let mortgages are not regulated by the Financial Conduct Authority, so it is important to obtain Independent Financial Advice when you are looking to arrange a buy–to–let mortgage, as we at Financial Foresight can advise across the whole of the market, and can ensure you get the best rates and offers to suit your needs.
For free, impartial and trusted advice contact us today on 028 9332 2822, or alternatively email simon@financialforesight.co.uk today! Our Mortgage advisers will be happy to help!
Source: https://www.moneyadviceservice.org.uk/en/articles/buy-to-let-mortgages