Buying property as an investment (Buy-to-let) 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.
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 Mortgage IQ's specialist advisers who will be happy to take you through your individual options.
Buy to let mortgages are not regulated by the Financial Services Authority.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Buy-to-let Northern Ireland, Buy-to-let Northern England,
Buy-to-let Wales, Buy-to-let Scotland
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