Buy to Let Mortgages

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Buy to let is when you buy a property to rent out in the hope that you can actually make a profit out of the rent you charge your tenants. Buy to Let mortgages are usually taken on by people who already own their own home. So long as you find yourself good tenants, you will cover your monthly mortgage repayments using the rent they pay to you. A lender will be looking for the rental income to exceed their monthly mortgage repayment.

Finding a property in a good location, close to local facilities such as shops and public transport is vital if you are to be successful at buy to let. Whilst renting cheaper properties to students can be one of the big money earners, you should also remember that most students go home for the summer holidays, leaving your property empty until the next term. You should consider the fact that you will be responsible for maintenance of the property, for this reason you should always have a budget that can be used for such maintenance.

If you are considering renting off quite a few properties then you should make sure you find a lender who offers you the scope to do so, some lenders will restrict the amount of money they will borrow you and the number of properties you can buy to let.

With a Buy To Let Mortgage you usually have to find a greater deposit than with a residential mortgage. The amount you can borrow will depend on how much the rental income could be.

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