A buy-to-let mortgage is specifically designed for individuals who want to purchase a property to rent out rather than live in. Unlike a standard residential mortgage, the lending criteria and interest rates for buy-to-let mortgages can be different. Typically, you’ll need a larger deposit, often around 25% of the property’s value. The amount you can borrow is usually based on the potential rental income of the property, rather than just your personal income.
With a buy-to-let mortgage, you can generate rental income, which can cover your mortgage payments and potentially provide a profit. However, it’s important to consider the responsibilities of being a landlord, including maintenance costs and finding reliable tenants. Interest rates on buy-to-let mortgages are generally slightly higher than those for residential mortgages, and there may be additional fees involved.
At Legacy Advice Mortgages & Protection, we guide you through the process, helping you find competitive mortgage deals and ensuring you understand all the requirements and responsibilities. Our expert advice can help you make informed decisions, maximizing your investment potential while minimizing risks.
