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Buy to let mortgage
What is a buy to let mortgage?
If you want to buy a property as an investment to let rather that to use it as your home, most lenders will insist on you having a buy to let mortgage
How much can I borrow?
The amount of money that you can borrow when applying for a buy to let mortgage will very much depend on your own personal circumstances and the terms of the lender.
Most buy to let mortgage lenders will base they decision on the amout of income that your property will generate. For example, if you could get £1300 per month rental income, the mortgage lender may allow you to borrow an amount where the monthyl repayment is up to £1000.
What if I want to borrow more?
Some lenders
now offer non status buy-to-let mortgages, otherwise known as self certified
mortgages.
Again, the terms will depend on the terms and conditions laid down by
the lender, but if you have a substantial deposit to put down (usually
in excess of 20%) you will be able to request a reasonablly high buy to
let mortgage loan without having to provide documentary evidence of your
income or the amount of rental income the property will generate.