Buy to Let Mortgage
These are tailored for investment properties only and usually there is a ceiling
of 85% of the property value. The would-be Landlord must be able to demonstrate
that the rental income will exceed mortgage repayments by a certain percentage.
The Lender will also wish to be satisfied that the property to be purchased is a
good long term investment.
NB: Do not forget that there will be additional costs involved
such as Rental and Legal Expenses cover, insurance premiums for Building and Contents,
Letting Agents’ commission, property maintenance and service charges and ground
rent (leasehold properties) to name but a few.
It must be noted that YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS
ON YOUR MORTGAGE.