Compare Buy to Let Mortgages
What is a buy to let Mortgage?
A buy to let mortgage is for a property that will be rented out and is not for occupation by the borrower Property could be seen as a good investment with the constant demand for renting, especially given the current situation with the housing market.
There are a variety of Buy to Let products, but the main difference with this type of mortgage is how the income is assessed. Instead of looking at your earned income, a Lender will loom at the potential rental income. As there is a big variation between how the different Lenders assess the maximum they are prepared to lend, it is really important to compare all deals.
The type of tenant you hope to attract will also make a difference. Many Lenders have restrictions for Homes of Multiple Occupancy (HMO) and potential student lets, so it is essential to identify the most appropriate lender at the outset.
It is also very important to understand the tax implications of this type of investment. Unlike residential property, a buy to let property is not exempt from capital gains tax and in addition, rent received is treated as income for tax purposes. It is always a good idea to take advice from an accountant before proceeding.
How can comparethemarket.com help?
Here at comparethemarket.com we recognise that buying a property as an investment needs a different approach than buying a home. That is why we have introduced a specialist service through moneyQuest to allow you to talk to an expert who will compare the best deals available for your own circumstances.
If you are ready to proceed, call an Advisor now on 0845 0175196 and they will help you not only chose the right product, but will sort all the paper work out for you as well.
Also...
Once you have brought your new property and you will need to consider other bills and insurances. These could include options such as;
Buy to Let Insurance Comparison
Utility providers like gas and electricity
Life Insurance
Mortgage Payment Protection Insurance
Make sure you compare with comparethemarket.com to find competitive deals that could save you money!
Data is provided by lovemoney.com Limited who are an appointed representative of lovemoney.com Financial Services Limited, authorised and regulated by the Financial Services Authority.
Advice is provided by MoneyQuest Mortgage Brokers Limited who are an appointed representative of Legal & General Partnership Services Limited, which is authorised and regulated by the Financial Services Authority for advising on and arranging mortgages and insurance. Lovemoney.com Limited and MoneyQuest Mortgage Brokers Limited are not part of BGL Group Limited of which BISL Limited forms part.