These kinds of mortgages were made for people who want don’t want to buy a property to live in it, but to rent it out instead. If this is what you plan on doing, then don’t just get any old kind of mortgage and learn what buy to let mortgages could do for you.
To know how you could benefit, you need to understand what buy to let mortgages are. If you’re interested, then read on.
What are buy to let mortgages?
These are good for anybody who plans to rent a property to somebody – and this is because the amount that you pay back monthly will at least be partly based on the amount of cash that you are expecting to be receiving.
They aren’t very useful to people who want to live in the house they want to buy, but for those who wish to rent it out, it can be much better than the other kinds of mortgages. A repayment mortgage wouldn’t be as good, and neither would a fixed rate mortgage.
Buy to let mortgages were only make to benefit people who want to rent a property, so don’t just get any kind of mortgage!
Why are they better than other kinds of mortgages?
A repayment mortgage wouldn’t be as good as a buy to let mortgage if you’re planning on renting the property, but why?
Well, it’s because they were specifically made for people who want to rent their property, so it has some benefits that only a person hoping to rent their property will get.
Plus, since they’re often at least partly based on the rent you want to be getting, it’s not going to be any good to a person who wants to live in their property, because they won’t pay themselves rent.
Who can get a buy to let mortgage?
Although they can really help some people to save money and time, some people are likely to not be able to get a buy to let mortgage from most lenders.
However, there are still many people who will be able to get a buy to let mortgage, but you’re probably not going to be allowed to have a this type of mortgage if you’re a first time buyer. Other than that, it’s just the usual things (such as your credit score) that can make it harder for you to get a buy to let mortgage.