Mortigo: Expert Buy to Let Mortgage Brokers in Bromley
If your are looking to purchase a property to rent you will need to obtain a “buy to let mortgage”. Contact Mortgio today for expert buy-to-let mortgage advice in Bromley.
How do buy-to-let mortgages work?
A buy-to-let mortgage is a mortgage specifically for investors who want to buy a property to rent it out. The criteria for these mortgages are usually stricter than for a standard mortgage, and the interest rates are often higher. But buy-to-let can still be a good investment, providing you adhere to certain rules.
To begin with, you should only consider buy-to-let if you’re genuinely interested in becoming a landlord – it’s not a quick way to make money. You should also have a realistic idea of the costs involved, such as maintenance, insurance and the like. These costs can eat into your profits, so it’s important to factor them into your calculations.
If you’re thinking of taking out a buy-to-let mortgage, then make sure you do your research first. But done correctly, buy-to-let can be a great way to invest in property.
contact us today.
What are the advantages and disadvantages of buy-to-let mortgages?
Buy-to-let mortgages are a popular option for landlords looking to buy property to rent out. However, there are both good and bad aspects to this type of mortgage.
One of the main advantages is that buy-to-let mortgages often have lower interest rates than regular mortgages, making them more affordable in the long run.
Additionally, buy-to-let mortgages typically have longer terms than regular mortgages, giving landlords more time to pay off the loan.
However, there are also some drawbacks to buy-to-let mortgages.
One of the biggest is that they often require a larger down payment than regular mortgages, meaning that landlords need to have more money saved up in order to qualify.
Additionally, buy-to-let mortgages usually come with stricter lending criteria than regular mortgages, so it can be harder for landlords to qualify.
Overall, buy-to-let mortgages have both good and bad aspects that potential borrowers should be aware of before making a decision. If you’re looking for expert buy-to-let mortgage advice in Bromley, contact Mortigo today.