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Buy To Let Mortgages

The term buy to let refers to when a property is bought for the purpose of rental income, so in other words an investment. A buy to let mortgage is different to a normal mortgage, in that lenders take into account the rental income made from the property to see if repayments are able to be made.  To see if the rental income can meet the repayment, lenders tend to use local sources to see what their expertise would estimate as rent, taking into account all the properties features. The rental income generally must meet at least 125% for lenders to be interested, because if in case at times the property is not occupied with a tenant, then at least default worries are not great.
The loan to value on but to let mortgages are maximum 70%, and with the less loan to value asked for the more likely and better deal you are to get on the mortgage. Bearing in mind that any outstanding loans on your own home can affect the amount asked to borrow on a buy to let.
When these types of mortgages first came around they were actually more expensive than a regular mortgage, but started to become cheaper as the market picked up. From 2009 onwards this changed to by to let mortgages paying around 2% more than regular mortgages.
In regards to Tax issue for a buy to let if you are earning over £10,000, which is the capital gains tax limit, you will have to pay a 18% flat rate.
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  • Offer the highest LTV
  • Arrange flexible payment terms
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