Best Buy Buy To Let Mortgages
If you are unsure of your options use our specialist buy to let quote and advice service. Things to consider include:
- How you want to borrow - As well as borrowing in your own name some lenders give options in borrowing as a group.
- Flexibility - Option to transfer mortgage to another buy to let property
- Repayment - Capital repayment or interest only
- Charges - Redemption penalties etc
As with all contracts it is important to consider the small print - if you are in doubt speak to an adviser on your options. You should also consider the following when looking at mortgage deals:
- Rent insurance protects you against tenants who fail to pay their rent on time (which may mean that you are unable to make your monthly mortgage repayments to your mortgage lender)
- Landlords insurance provides legal and financial protection over the building itself and contents)
- Annual safety checks
- Maintenance costs
If you use a letting agent, this can be expensive but has many benefits. If you are a new landlord, using a letting agent can take the pressure off and is a way of ensuring you are following the necessary precautions.
It is a good idea to consider the benefits in opening a savings account with high interest to keep your tenants’ rent in prior to repaying your mortgage monthly. It is a good idea to ask for a month’s rent in advance, this way to ensure a good credit rating and always have a sum in your high interest savings account on which you can earn considerable interest to put towards your mortgage loan repayments.