Mortgage Advice

Buy To Let*

Buy to let mortgages* have a number of key differences to mortgages for your own home. Firstly they are normally offered on the strength of the rental income projected for the investment property that you would like to buy, rather than upon your level of income personally.

Whilst most buy to let mortgages do have a minimum income requirement, the level of rental income compared to the monthly cost of the mortgage is more important to the lender than your income.
For example a typical buy to let mortgage requires that the projected rental income per month should be around 125%-130% more than the mortgage costs per month. This is correct at the time of writing but is subject to change. If the mortgage you require for a property will cost you £600 per month then the rental income per month should be at least 30% more than this, or £780 per month. This allows for management costs, service charges on apartments and any possible voids (gaps between tenants) so that even after reasonable levels of these costs you should still break even.

Although there is no guarantee that it will be possible to arrange continuous letting of a property, nor that the rental income will cover the cost of the mortgage many people are finding buy-to-lets a valuable asset to their financial portfolio. As independent mortgage brokers in Harrogate specialising in Buy to Let mortgages, we have access to the whole mortgage market, which means getting you the most competitive rate for your circumstances.

There may be a Broker Fee for mortgage advice, the precise amount will depend upon your circumstances. A typical fee is up to £395 payable at the outset.

Your property may be repossessed if you do not keep up repayments on your mortgage.

*In general, Buy to Let mortgages are not regulated by the Financial Services Authority.

Affinity Individual Mortgage Services Limited is an Appointed Representative of First Complete Ltd which is authorised and regulated by the
Financial Conduct Authority.

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