Buy to let mortgage advice available in Derby
Are you an investor looking for buy to let mortgage advice in Derby or the surrounding areas of Derbyshire?
Whether you’re a first time investor or an existing landlord looking for your next property, we can help you.
There are always risks involved when investing money in property so always carefully consider the facts.
What are the buy to let mortgage requirements?
Generally, buy to let mortgages require you to already own your own home. This can be outright or with an existing mortgage. They also check to ensure you are not stretched by existing outgoings.
You will also need to prove that you have enough income to cover the mortgage repayments which is usually, but not always, at least £25,000 a year.
The minimum mortgage deposit for a buy to let mortgage is usually 25% of the property purchase price although some lenders can offer deals with a slightly lower deposit.
Things to consider with a buy to let mortgage
The key thing to consider is that if you have an existing mortgage, you can afford to pay for two mortgages. When you let out a property you could be waiting months to find a suitable tenant. This means you will have no rental income for a while and will need to pay out of existing savings.
You may also need to factor in repair works, insurances and other outgoings which will all add up!
It is also worth nothing that interest rates and lender arrangement fees on buy to let mortgages can sometimes be higher.
Are you looking for a buy to let mortgage?
If you’re looking for a buy to let mortgage then why not talk to our mortgage advisor today? You can use the form below to arrange a call back. We will answer any questions you have and book you in for an appointment if required.