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Buy To Let Mortgages

A home loan for buying a property that’s intended to be rented out to residential tenants is called a buy-to-let mortgage. Whilst residential mortgages are repaid by capital repayment, buy-to-let mortgages are mostly interest-only mortgages that are paid for with rental income.

What Is A Buy To Let Mortgage?

A buy-to-let property can be anything from a regular house, apartment, holiday home or any other type of property that can house a residential tenant.

Therefore, taking out a buy to let mortgage is seen as an investment because you can rent the property out so that it covers your mortgage payments as well as providing you with a profit each month.

If you have a property you wish to rent out, there are multiple types of buy-to-let mortgages that you can take out and these include fixed rates, discounted rate agreements, trackers and so much more. For landlords who would like to invest in business property, the option for a buy to let commercial mortgage is also available.

Why Use Truffle As Your Buy To Let Broker?

At Truffle, we are experts with many years of experience when it comes to buy-to-let mortgages and we are on hand to discuss all your options. Whether you are a first-time landlord, portfolio landlord, limited company or self-employed landlord, we can discuss the best type of buy to let mortgage for you.

To set up a buy to let mortgage with Truffle, speak to our team on 029 2010 6759 or email us.

Buy To Let Mortgage

What Are The Benefits?

  • There is a high demand for rental properties and you can generate a steady income that covers the mortgage and provides you with a profit each month
  • Your rental property’s mortgage is paid for by the tenants, which means you’ll be left with the asset once the mortgage is paid off
  • You can offset the costs of running a rental property against tax
  • Property is a long-term investment and you may see the value of the property increase over time

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How Much Deposit Do You Need?

To qualify for a buy to let mortgage in the first place, you’ll typically need to put down a minimum of 25% of the property’s value as a deposit. However, you may require a higher deposit if you are a first-time landlord or have a less than perfect credit history.

It’s also worth noting that the amount of deposit required can vary depending on the rental income you expect to receive from the property. For example, If the rental income is expected to cover the mortgage payments, you may be able to get away with a smaller deposit.

Speaking with an independent mortgage broker such as ourselves is highly recommended as it’ll give you a better idea of the deposit requirements for a buy to let property. By speaking with us, we can assess your individual circumstances and help to find you the best possible deal.

How Many Buy To Let Mortgages Can You Have?

In general, there are no limits to the amount of buy to let mortgages an individual can have but many lenders may limit the total amount you can borrow. This is because lenders will look at your rental income to determine how much they’ll lend you and they’ll want to ensure that you can afford to make all your mortgage payments.

However, with that being said, many landlords have large property portfolios and they may have multiple buy to let mortgages. Therefore, it’s always a good idea to speak to a mortgage broker such as ourselves if you are considering taking out multiple buy to let mortgages. This is because we will be able to assess your financial situation and help you understand the costs involved in taking on additional debt. We will also be able to advise you on the best lenders and mortgage products for your specific circumstances.

Can I Change My Mortgage To A Buy To Let?

Changing your residential mortgage to a buy to let mortgage is actually quite common and we’ve made the change for many of our clients. Although you may be able to change the mortgage to a buy to let with your current lender, the majority of the time you may need to remortgage with a new lender. For further information regarding changing your mortgage, read our guide on making the change.

How Long Does It Take To Setup?

The process of getting a buy to let mortgage can be a complicated process and every case is unique. However, on average, you can expect the mortgage offer to arrive within 6 weeks and completion within another 4 to 6 weeks. If you want to kick-start the process, get in touch with us today to discuss your buy to let mortgage.