The Buy-to-Let mortgage has come into its own over the last 10 years.
Landlords have enjoyed high rental incomes and exceptional returns on the value of their properties. Typically, landlords should be able to obtain gross rent equivalent to 130 - 150% of the rental property's mortgage payments (interest only). Letting agents will charge between 10% and 15% of the rental depending on the service level they offer, thus giving the landlord a regular income as well as the potential of realising a gain in the value of the property itself.
The mortgage monkey has access to and expert knowledge of lenders and mortgage products ideally suited to buy-to-let arrangements. Our Consultants select from all of the available mortgages tailored to the buy-to-let market.
Many lenders now offer specialist buy-to-let mortgages. Increasingly, lenders are also extending the kind of deals offered to the traditional owner-occupier market, such as fixed, discounted and tracker rate to their buy-to-let products. Thus, landlords are provided with greater security over their investments.
Your property may be repossessed if you do not keep up repayments on your mortgage.
If we charge a fee for arranging a contract for you, the amount payable will be based on 0.35% of the value of the loan applied for, with a minimum of £500. In a small number of circumstances, it may be necessary for us to charge a higher fee. This will be agreed with you in writing prior to any chargeable work commencing.
The FSA does not regulate some forms of buy to let mortgage.