Mortgage IQ

Buying property as an investment has increased hugely in popularity in recent years and as a result there are a wide range of products available from Lenders to satisfy demand. There are key differences between this and a residential mortgage.

Typically a 15% deposit is required, although a small number of lenders will consider a 10% deposit. It is possible to raise this deposit against your existing property, and Mortgage IQ can arrange this on your behalf. The main focus for the lender is how much rent the property will bring in. This is assessed by the surveyor at mortgage valuation stage. The rent needs to be typically 125% of the interest only payment, although this calculation does vary from lender to lender. If the rent is insufficient a small number of lenders will consider it based on there being, sufficient income to support any existing mortgages and the new buy to let mortgage.

Due to the great variations from lender to lender, if you are considering a buy to let property it is highly advisable to contact one of our specialist advisers who will be happy to take you through your individual options.