Buy To Let mortgage

Buying a second property to let has become more and more popular in recent years. With the current boom in house prices, and the relatively poorer performance of the stock market, property has been seen as an attractive alternative investment.

But before you rush out to buy a second property, make sure you do your research first. You need to make sure that you select a property in the right location. Not only that, you have to make sure that you choose a property that will suit your target market. So there is no point in purchasing a penthouse suite if you want to let it out to students!

Once you have decided on the property to purchase, you will find that many lenders offer specific mortgages for properties that are being bought to let. There are many types available - including both repayment and interest only - but what makes the products distinctive is the criteria lenders use to calculate the amount you can borrow.

This figure will vary according to the level of deposit paid and the expected rental income. Lenders require a larger deposit than they do for standard mortgages and will only lend if the rental income is 130% of the mortgage payments.

For more information please click on the type of mortgage you are interested in:

• Repayment Mortgage - repay the whole loan amount back with interest
• Interest Only Mortgage - repay only the interest on a mortgage
• Endowment Mortgage - a combination of a loan and an investment
• ISA Mortgage - combines and loan and an investment with an ISA
• Pension Plan Mortgage - a tax efficient but non flexible option
• Buy To Let Mortgages - for second property rentals
• First Time Buyers - get on the property ladder
• Spanish Mortgage (for holiday home) - to buy your dream holiday house!

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