Buy to Let Mortgages are for investment properties.
As with residential mortgages, there are a huge range of mortgage deals available to property investors. Buy to let mortgages are usually considered on the basis of the rental income that the property is likely to attract. This calculation varies from lender to lender and can range from rental income needing to be between 100% to 130% of the monthly mortgage payment. Some lenders may take some of your personal income into account should this be required.
Buy to Let mortgages are subject to the usual status checks and are generally available up to 90% of the value of the property. When deciding to buy an investment property it is necessary to consider any additional costs such as letting agents commission, insurance premiums for building and contents cover, the cost of keeping the property in suitable condition for letting and periods when the property is not rented. Your property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
with no hidden fees.