A buy-to-let mortgage has become very popular as more and more people in the UK now own second homes as investments.
Buy-to-let mortgages differ from standard mortgages in that the amount banks or building societies will lend is assessed upon the expected rental income of the property rather than personal income. However, it is usual for not more than 85% of the purchase price to be available on a buy-to-let mortgage, meaning that you will need a minimum of a 15% deposit.
Lenders may also impose other restrictions or conditions on applications for a buy-to-let mortgage such as UK residence, being 21 or over as well as being an existing homeowner. It is also expected that the property will need only minimal improvements before being rent worthy.
For further information please see our dedicated section on buy-to-let.
Select from the list below to find out more about the different types of mortgages or call us for a no obligation chat on 0844 346 3672.
John Charcol is not authorised to offer investment advice. We recommend you seek professional advice with regard to these topics if you believe they may affect you.