Right to Buy Mortgages in Huddersfield
14 June 2024
Get on the property ladder with Skipton Building Society’s 100% mortgage at Mortgage to Home.
There are lots of different types if mortgage out there, and depending on why you’re purchasing a property will make different solutions the best fit for you.
In this guide, we’ll be telling you all about buy to let mortgages specifically, including what they are, how they work and what you need to do to get one.
A buy to let mortgage is typically taken out by individuals who are purchasing a property in order to rent it out to someone else. They work in a fairly similar way to a regular mortgage, but there are some key differences.
Getting a buy to let mortgage will depend on a few personal circumstances. As a general rule your lender will want to be certain that you can afford to take and understand the risks that come with becoming a landlord.
You’ll also generally have to have a food credit score, and not have excessive outstanding debt – such as on credit cards for example.
Some lenders will also have restrictions around age limits and minimum income. To find the best deal for you, you’re best speaking with a mortgage broker (like us!) who can shop around and find you the perfect mortgage solution.
As we’ve said already, a buy to let mortgage and a regular mortgage share many similarities.
However, there are some key differences you need to know about if you’re considering taking one out.
Buy to let mortgages tend to come with much higher fees and higher interest rates. You’ll also need a higher deposit than you would if you were applying for a standard mortgage product.
The terms for different lenders vary, but some buy to let mortgage providers offer interest only loans, meaning you pay the interest on a monthly basis and then pay the original loan in full at the end of the mortgage term.
The amount you’ll be able to borrow with a buy to let mortgage will be linked with the amount of rental income you’ll receive from your investment property. Usually, your rental income will need to be around 25-30% higher than your monthly mortgage
payment.
There are lots of buy to let mortgage providers out there – so it’s important to shop around.
What’s the best way to do this? Well, lucky for you you’re already in the right place. Here at Mortgage to Home, we have access to a huge number of mortgage providers to make sure you get the best solution for you.
Ready to find out more? Send an email to matthew@mortgagetohome.com for FREE mortgage advice and start your investment journey!
Get on the property ladder with Skipton Building Society’s 100% mortgage at Mortgage to Home.
Get on the property ladder with Skipton Building Society’s 100% mortgage at Mortgage to Home.
Get on the property ladder with just £5,000.
Low deposit mortgage, available from Mortgage to Home, perfect for first-time buyers…
Mortgage To Home is a trading style of Maven Money Ltd which is registered with the Data Protection Act 1998 registration No. ZB495682 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 987341 an Appointed Representative of TMG Direct Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 786245 and registered with the Data Protection Act 1998 Registration No: ZA178200.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
