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Buy To Let
Buy To Let
A Buy To Let mortgage is also known as investment mortgage and it is designed for borrowers who want to buy a property to let it out to tenants. Buy to let mortgages is normally interest only mortgages. Buy to let mortgages require a larger deposit compared to other mortgages and the borrower needs to demonstrate the lender that the rent received will cover the interest payment on the mortgages.
Buy-to-let mortgage rates tend to be a little higher – with deals currently starting at around 4 per cent. But in addition to the headline rate of interest, look out for arrangement fees, which can be £2,000 or more.
Buy-to-let mortgages are available as fixed, discounted and tracker deals and arrangement fees are normally around 1.5% to 2% of the mortgage.
The lower the LTV the better deal that you can expect in terms of interest rates. The normal advance on a buy to let mortgage is usually 60%to85.
In a buy to let mortgages it is always wise to consider the overall deal and not only on the initial pay rate because the fees, terms and conditions are critical as to whether is a proposal suitable or not.
Rental cover required by lenders can be as low as 100% of rent based on a fixed rate product. The normal rental cover can be anything from 100% to 125% of the pay rate.
Buy to let mortgages will usually require a higher deposit too, typically a minimum of 25% although if you have a deposit of 40% or more you’re likely to get better deals.
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