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A buy to let mortgage is a loan that you take against a property that you rent out. It is an investment property that you let out to a tenant on an Assured Tenancy Agreement.
Buy To let Mortgages are often used by people who already have their foot in the housing ladder and already own a home. However there are some lenders that will lend to you if you do not already a home.
Firstly you will require a deposit, usually a 25% deposit however some lenders do provide 20% deposit BTL. The amount that you can borrow is often based on the amount of market rent that the property would generate. Unlike a residential mortgage the amount you can borrow isn’t linked to your personal income. However some lenders would take this into account if the amount of rent required fell short to obtain the loan.
Surprise, book an appointment to speak to our advisors. We are whole of market so will find you the best valued BTL and will offer advice on what is achievable. There are many BTL lenders out there that all assess you differently, we are able to cut through the noise and recommend the most suitable lender.
Yes you can. The interest only option on a BTL mortgage is alot easier to obtain that on a residential mortgage and many BTL are taken out as Interest only. However you would not be paying off any of the mortgage on Interest only and would still owe the initial balance of the mortgage at the end of the term if you made no capital repayments .