Before you make any decisions about buying to let, it is highly advisable to carefully consider the rental property’s location and features; if there is a chance that you may not be able to find a tenant, you could be putting yourself at serious financial risk.
When considering the type of mortgage product you should opt for typically landlords will look at fixed rate or tracker quotes:
Fixed rate buy to let mortgages
These buy to let mortgages have a fixed interest that is not subject to change within the loan’s duration. The fixed rate can vary typically from 2 to 5 years.
Tracker buy to let mortgages
A tracker buy to let mortgage’s interest rate is variable, meaning that it could move up or down with the Bank of England base interest rate. This type of product means more uncertainty but it depends on your view on how interest rates will behave.
When you are searching for a suitable buy to let mortgage deal, you may wish to compare quotes from both tracker and fixed rate mortgages to see which could make the most sense for you in the long term.
For help with finding affordable buy to let mortgage quotes should consider using a specialist buy to let mortgage broker - see top link.