Buy To Let Mortgage Products
As you search for a suitable buy to let mortgage deal, you may wish to consider the following:
- How much of a deposit you have; many lenders are becoming stricter about this – 25% minimum is the norm
- Whether a fixed rate or tracker mortgage would be best
- The property’s location and features
- How much rental income you could get from the property.
Fixed Rate or Tracker Buy to Let Mortgage?
When considering a mortgage product one of the main questions will be whether to fix or not. An alternative to fixing is to link your mortgage to the Base rate via a tracker.
The attraction of a fixed rate mortgage product is certainty for a period of time e.g. 2,3 or 5 year fixed rates are generally available. With a tracker rate product you have to be happy with fluctuating monthly repayments but if you believe interest rates could remain low this may be a lower cost option.
If you feel as though you need help with finding the right buy to let mortgage product for you, you may wish to speak to a financial adviser – see the link above for quotes and advice.