Buy to Let Milton Keynes
What is a Buy to Let Mortgage?
Buy to Let refers to when someone invests in a property and looks to gain profits from acting as the landlord. A Buy to Let mortgage is simply when an individual takes out a loan for that property. With Buy to Let mortgages, there is a lot to consider, such as interest rates (which are often higher than normal mortgages), deposits, and rental income.
In order to maximise the profit from letting your property, it is crucial to make sure you are getting the best mortgage advice out there. And at Mortgages MK, we have expert mortgage brokers and advisors on hand to guide you towards the best Buy to Let mortgage deal.
Do I Need a Buy to Let Mortgage?
If you are looking to let out a property with the intention of gaining profits from the rental income you will need a Buy to Let mortgage. The reason for this is because a Buy to Let mortgage is calculated differently from a regular mortgage where you would be living in the property.
As opposed to going off of income, etc, a Buy to Let mortgage is mostly based on how much rent that specific property would be able to generate. Because of this, mortgage lenders will favour properties that can generate a higher rental than your monthly mortgage costs.
Buy to Let Mortgages
Investing in a property to let is potentially lucrative in terms of income and capital growth. However, It is important that you receive professional guidance. Mortgages MK are professionals in Buy to Let and can advise on the right ways to maximise your investment and find you the right deal. We work with a number of specialist lenders who will not deal with the public directly.
There is no guarantee that it will be possible to arrange constant letting of a property or that rental income will be sufficient to meet the cost of the total mortgage payments.
Let to Buy Mortgages
When you rent out your current property whilst moving into a new one, this is often referred to as a Let to Buy mortgage. This can be a great investment. However, the range of lenders is limited and they each have different criteria.
Some mortgage lenders may not even allow you to let out your current house whilst looking for a new property. They may ask for a fee or increase the mortgage rate slightly. This obviously depends on your situation and current lender. If you wish to let out your current property, make sure you get in touch with our expert advisers at Mortgages MK and we will be happy to help guide you through the process.
Mortgages:MK offer a range of services to help clients build their Buy to Let portfolios. Get in touch for a no-fee review of your circumstances with no obligation advice as to how you can maximise your investment.