A buy-to-let mortgage is a mortgage sold specifically to people who buy property as an investment, rather than as a place to live. If you plan to rent out your property, you won’t be able to finance your purchase with a standard residential mortgage.
Buy-to-let mortgages are offered on an interest-only or capital and interest repayment basis.
Interest only means that your monthly payments will only cover the interest on your mortgage, your capital debt or the money you’ve borrowed, will not go down and this will still need to be paid off at the end of the term.
A capital and interest repayment mortgage covers both the capital and interest, so at the end of your mortgage term the whole amount of the mortgage will be repaid.
The deposit you will be required to put down for buy to let mortgage will be typically larger than a standard residential mortgage. The borrower will usually be required to put down at least 25% deposit and normally expected to own their own property.
You’ll need to pay tax on your rental income, as well as paying landlord’s insurance, rent insurance and letting agent fees. You will also be responsible for maintenance and repairs.
A Buy to Let mortgage will be secured against the buy to let property.
Please use our free live buy-to let-mortgage sourcing tool to search the market for buy to let mortgage deals or compare your current mortgage rate with what we can offer you. Our mortgage sourcing uses the data entered to source mortgages from the whole of the market and are live products that are available now.
Please note each mortgage and mortgage provider have their own specific criteria and all mortgages may not be suitable or available to everyone. Use of our mortgage sourcing tool does not in any way represent advice from Haystoun Financial Services Ltd and we always recommend you speak to one of our professional advisers before deciding which mortgage is best for you.
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Check out all the mortgage options available to you and how our experts can help you. If you don't know where to begin with your mortgage search, then here is a great place to start.
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Whether you're buying your first house, remortgaging, moving house or investing in a buy-to-let property, we'll be able to find the right mortgage for your circumstances.
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We are directly authorised and regulated by the Financial Conduct Authority (FCA) for General Insurance, Private Medical Insurance, Pure Protection, Equity Release and Mortgage business. You can check our details and regulatory permissions via the Financial Services Register at https://register.fca.org.uk/.Our FCA reference number is 845592. Haystoun Financial Services Ltd of 19D Eastgate, Peebles, EH45 8AD trades as a Limited Company. Our Company Number is: SC588219
Haystoun Financial & Property Services is a family run business based in Peebles in the Scottish Borders. We offer mortgage, insurance and protection advice services, as well as full letting agency services.
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