When you buy a property to let, the mortgage is an important decision to make. You cannot take out a regular mortgage so you must apply for a buy to let mortgage instead which is specifically for landlords.
Some usual differences between a regular mortgage and a buy to let mortgage are that the interest rate is often higher with a buy to let mortgage. You may also need to put down a larger deposit, being a minimum of 25% although many of the best deals require a 40% deposit..
There are a number of other requirements many lenders request before you can take out a buy to let mortgage. For example you must usually be over 25 years of age and reach their minimum income amount of around £25,000. You are also limited to a maximum of 3 buy to let loans and there will always be a cap on the total amount you can borrow.
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Your Commercial Finance is a trading style of Your Mortgage Broker Cardiff Ltd which is directly authorised and regulated by the Financial Conduct Authority (FCA).
Our FCA registration number is 765678. You can find us on the FCA register at https://register.fca.org.uk/.
The FCA does not regulate some forms of buy-to-let, overseas and commercial finance and taxation advice.