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If this is your first investment, there are a few things to consider. After all, owning a buy to let property is very different from owning your own home.
As soon as you become a landlord, you take on a number of legal responsibilities. Not to mention the new rules, regulations and taxes that have been imposed on buy to let investors in the last few years.
Don’t worry, you’re in good hands.
We’re clued up on all aspects of buy to let legislation, and we can certainly help to find the most suitable buy to let mortgage for you. With more changes likely in the future, it’s important to get the right advice now. That’s where we come in.
Representative Example: If you borrow £15,000 over 10 years. Initially, on a fixed rate for 5 years at 5.10% and for the remaining 5 years on the lender’s standard variable rate of 5.05%, you would make 60 monthly payments of £184.29 and 60 monthly payments of £185.99. The total amount of credit is £17495; the total repayable would be £22,216.80 (this includes a Lender fee of £995 and a broker fee of £1,500). The overall cost for comparison is 8.8% APRC representative.
Rates between 3.4% to 29.% APRC. Repayment terms between 3 and 30 years.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
Think carefully before securing other debts against your home
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.