There are two main types of buy-to-let mortgage. If you are thinking of buying a property, specifically to rent out, this is a Business buy-to-let. If you want to move home and wish to keep your existing property, to rent out, this is an example of a Consumer buy-to-let mortgage. Sometimes you will hear this referred to as being an ‘accidental landlord’. Mortgage Today can offer advice on these and other types of mortgage.
There are two forms of profit, that an investor will be looking for, from a Buy-To-Let property. Capital Growth, which is simply how much the property value increases and Rental income, which should cover costs, mortgage payments and provide a monthly income.
What are the costs of owning a Buy-To-Let property? Apart from general maintenance and upkeep, furnishing and mortgage payments, there could be agent’s fees, Ground rent, service charges and insurances.
The advice, that your Mortgage Today adviser will give you will include how to set-up the mortgage, what size deposit you will need, how much rent each property will need to achieve to meet lender’s expectations and what income lenders will use to assess the affordability of a Buy-To-Let mortgage.
Some experienced landlords prefer to buy property based on the value of the rental return, which means the property may be nowhere near their own home. Wherever you decide to buy, Mortgage Today provides a fast, efficient online service, which means that whether you are looking for a mortgage in Colchester, mortgage in Newcastle or mortgage in London we can be there for you with an online face to face appointment at a time and place that suits you.