Buy to Let Mortgage Tips from the Professionals!
Buy to Let Mortgage can yield a significant profit if undertaken in the right way at the right time and this is one of the reasons that Buy to Let Mortgage has become increasingly popular in recent years in UK. Low rates of interest have made Buy to Let Mortgages more affordable and rental income has appeared more attractive than feasible earnings on other investments. If you are thinking of investing in Buy to Let then why not a glance at some of our Buy to Let have tips found below.
Buy to Let Mortgage Tips
· Application- One of the main differences you will come across when applying for a Buy to Let Mortgage Notting Hill is that the mortgage lender will take into account the rental income you will get because of the letting as well as your normal income. Some lenders will think about the rent money by itself whilst others will think about both the rental money and your wage.
· Interest Rates- Buy to Let Mortgage may be more expensive than a standard mortgage. Usually Buy to Let Mortgage rates have decreased as the amount of Buy to Let Mortgages on the market has increased but on the whole the Buy to Let Mortgage rates are still higher than the standard mortgage.
· Deposit- Usually the amount of money necessary for the deposit on a Buy to Let Mortgage is higher than with a standard residential. On the whole the lenders will require a maximum of a 15% deposit. It is also worth noting that the more deposit you put down, the more competitive the proposed Buy to Let Mortgage deal will be.
· Rental Income- Many Buy to Let Mortgage Notting Hill lenders requires that the projected rental income exceeds the mortgage payment by a maximum of 125%. This amount can sometimes go up as high as 150%.
· Equity- If you already have a mortgage on the property that you are living in and are thinking about taking out a Buy to Let Mortgage Notting Hill on another property then it is worth bearing in mind that you may be able to free up a quantity of the equity in your home to put down as a deposit on the property you are planning to let. It could be worth raising this with the mortgage broker you visit.
· Profit- The largest tip they can give you on how to make sure that you make the profit you need on your Buy to Let property is to regard the Buy to Let adventure as a long-term investment. If you are looking to make a fast buck then the Buy to Let Market is not the one for you.
· Tax Relief- Although there is no direct tax relief on Buy to Let Mortgage Notting Hill, you can offset interest payments on your mortgage against tax on rental income, along with other expenses such as agents' fees and maintenance costs.
About Company: Charles Derby Estates Notting Hill provides best mortgage broker services to set goals and secure a loan that is suited to your needs in Notting Hill. Contact us on 020 77 921 777.
For More Information Visit: http://www.charlesderbyestatesnottinghill.com/
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