Mortgage or Remortgage with a Buy to Let

A Buy To Let Mortgage is a mortgage product designed for people that want to buy a second property to rent out to tennants. This can be a great way to generate a second income, pay off a current property and gain property equity.

Some people are looking to develop a "property empire" by building their "property portfolio" over time. Others are looking to develop a second income or a retirement income through a clever investment.

Whatever the reason for requiring a Second or multiple mortgages it is important that you get a product that will suit your financial and personal circumstances. There are a number of features that should be considered. Think about your situation and decide what is important to you in your mortgage.

The right product for you will be dependent on which of the factors allow you to achieve your financial goals. Advisors can talk through your situation with you to understand which of the factors are the most relevant. If you take advice it is important that you build a working relationship with brokers that have experience of helping people to build 2nd incomes or property portfolios.

It is also important to remember that lenders perceive borrowers that want a 2nd mortgage as more risky than those wanting residential finance. Lenders develop their products based on the risk that they attach to the loan. Therefore, these products normally require at least a 15% deposit and will have higher interest rates than standard mortgages.

With any property investment it is vital that you choose the right property. You do not want to get caught in a negative equity situation, or in a rut where rental income is not covering the monthly costs. Again it may be worth talking to experienced advisors about your potential property to gleen some additional advice and information about what consistitutes a sound investment for a buy to let..

If you are looking to secure your mortgage or remortgage finance fill the form on the left or click the button below-