Buy to Let Mortgage Brokers in Streatham
Securing the necessary funding for your Buy to Let mortgage can be a stressful process. Let the mortgage experts at Mortigo carry to bulk of the burden.
Why a Buy to Let Mortgage?
Buy to let mortgages are a type of mortgage specifically designed for people who are looking to buy a property to rent out. The terms and conditions of buy to let mortgages can vary depending on the lender, but they typically require a larger deposit than a standard mortgage.
Buy to let mortgages also usually have higher interest rates. This is because they are considered to be a higher risk by lenders, as there is no guarantee that the tenant will be able to make the monthly payments. However, for those who are able to find a good tenant and manage their property well, a buy to let mortgage in Streatham can be a great way to invest in the property market.
Are Buy to Let Mortgages Worth It?
The criteria for these mortgages can be stricter than standard mortgages, and the interest rates are often higher. So, are they worth it? Buy to let mortgages can be a good investment if you’re confident that you can find tenants and cover the mortgage repayments.
They can also provide a good income stream, particularly if you’re able to charge more than the monthly mortgage repayments. However, there is also more risk involved with buy to let mortgages. If you can’t find tenants or the property needs significant repairs, you could end up in financial difficulty. So, it’s important to weigh up the risks and benefits before taking out a buy to let mortgage in Streatham.
5 star service.
contact us today.
Things to Consider
In terms of the property, you’ll need to make sure that it’s in a good condition and is located in an area that renters are likely to be interested in.
As for rental income, most lenders will require you to have an annual income that is at least 25% higher than your mortgage payments. This is to ensure that you can cover your mortgage even if your property is empty for a period of time. Once you’ve taken these factors into consideration, you can start shopping around for the best buy to let mortgage deal.
Get Started Today
If you would like to get the ball rolling as quickly as possible, it is best that you seek expert advice. With Mortigo, you can ‘start the process’ on our website or contact us directly at 0808 164 1616.