Who are Buy-to-Let Mortgages for?
Buy-to-let mortgages are for anyone who wants to buy a property which they intend to let but requires a loan to purchase the home. Sometimes this person might own their own home and be looking for an extra source of regular income, which they can gain from monthly rent payments. Or they might be someone with their own home who wants to invest in another property as a way of funding their retirement. . Pitfalls of Buy-to-Let Mortgages There is more “red tape” involved in taking out a buy-to-let mortgage than an owner-occupier. Prepare to have not only your income and credit rating scrutinised, but also the potential rental yield. Lenders will also base their decision on how much to lend you on any mortgage you have on your current home. Being a landlord is very hard work. And there are many hidden costs people are unaware of when embarking on their buy-to-let investment. Letting agency management fees, costs of maintenance and potential repairs can eat into budgets. As can the service c
