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The information below is intended as a brief introduction into how buy to let mortgages work, to discuss your requirements with one of our buy to let mortgage specialists call us now on 020 7519 4900 or fill out our online form to get a quote.
Buy to let mortgages
Buy to let mortgages were created for those looking to buy property to rent out to others.
In the past 10 years this market has grown rapidly, and there are now many competitive mortgages available tailored specifically for the needs of property investors. Clegg Gifford Private Clients have access to the whole of the UK buy to let mortgage market.
To obtain a buy to let mortgage you generally need to fulfil the following points:
- Your deposit will need to be at least 15% of the value of the property. This is higher than for a residential property, as the loan is viewed as a commercial proposition.
- Your expected rental income must amount to more than your monthly mortgage repayments, generally to a percentage of between 115% and 130%.
- So if your mortgage payments will be £500, you will be expected to obtain a minimum rental income of £575.
Once you arrange your buy to let mortgage with Clegg Gifford Private Clients we have a team of administrators who will chase solicitors, valuers, etc on your behalf.