The key to making a buy-to-let venture work for you is finding the best possible mortgage deal. That’s why it’s so important to get the right advice – especially in today’s market.
While buy-to-let mortgages are similar to residential home loans, there are some very important differences that we can help you get to grips with.
For example, buy-to-let mortgages require a larger deposit than regular loans (typically 25%), and you’ll need to show the lender that the rent will cover your interest payments on the mortgage by at least 125% – in case the property stands empty for a while or needs maintenance. You should also set money aside for arrangement fees, which can be as much as £2,000.
Contact Mortgages Made Easy today for buy-to-let property advice in Leicester.