When you buy
a property with the intention of letting
it out and the mortgage is to be paid
off from the rent the property achieves
then this is defined as a buy to let
mortgage. Though the mortgage is not
for your primary residence yet it
is entirely essential that you get
this right.
Buy to let mortgage advice is required
for both first time landlords as well
as well established landlords with
a portfolio of properties. At Nachu
Finance we have advised clients who
have been thinking about this for
a very long time to some clients who
have a respectable portfolio of properties.
Ensuring that the monthly burden on
the buy to let properties is in manageable
proportion, creating a reserve fund
for rental voids and property repairs
etc are some of the additional aspects
we would consider in addition to choosing
the right lender and the right product.
Types of Buy to Let Mortgages
Buy to let
mortgages itself differ based on whether
you are first time landlord or experience
landlord - some lenders like to lend
only to experienced landlords. There
are some properties that are unusual
and require choosing a lender who will
lend to such property types for example
flats above shops.
Another consideration to take is the
type of letting you plan to use. Do
you plan to let to council or council
tenants? Do you plan to let to students?
Do you plan to let to multiple people
– called the houses on multiple
occupancy.
Is the monthly mortgage payment going
to be funded by the rental income or
if this is not adequate, will it be
funded by earned income (if there is
a surplus after paying a residential
mortgage)
Your home may be repossessed if you do
not keep up repayments on your mortgage.
Sekkappan Alagu trading as Nachu Finance is an
appointed representative of The Whitechurch Network
Limited which is authorised and regulated by the
Financial Services Authority. We do not usually
charge a fee for mortgage advice. However you
do have the option to pay a fee of 0.80% of the
loan value and The Financial Services Authority
may not regulate all products or services on this
website
Address :
225 Beverley Drive, Edgware, Middlesex, Ha8 5NL,
North West London - Near Wembley & Harrow
