Compare buy-to-let mortgages
Buying a second property with a buy-to-let mortgage now requires little more than a deposit, a good credit history and the desire to become a landlord (or landlady). With a wide range of buy-to-let mortgage products on the market, becoming a landlord is no longer the preserve of the wealthy few. However, that doesn’t mean you should over-extend yourself. The best buy-to-let mortgage quote takes the potential rental income into account though.
Bills that remain unpaid can result in default notices that appear on your credit report. Lenders want to ensure the products that have the best interest rates, such as the best buy-to-let mortgages, are made available only to creditworthy customers. If you use LowerMyBills to help you find a buy-to-let mortgage now, your own money could go further and make it easier to ensure you don’t miss payments and fall into default.
What conditions are attached to a buy-to-let mortgage?
Lenders usually require that you own your main residence and that you have in the region of 20 per cent of the purchase price of your buy-to-let property available to put down as a deposit, although in some circumstances this could be as low as 10 per cent. It’s worth noting that any potential rental income can be taken into account when calculating how much you can borrow, it's not just based on your salary.
As far as your credit history is concerned, lenders will look closely for any indication that you might be over stretching your finances, or that you have recently had trouble meeting other financial commitments, and make a decision accordingly. You should make sure you know what's on your credit report before you apply for any financial product by using the online service CreditExpert, which is provided by Experian® so you can correct or amend erroneous entries that might otherwise result in your application being declined.
Why doesn’t everyone become a landlord with a cheap buy-to-let mortgage?
Not everyone has access to a 20 per cent deposit, can afford the time being a landlord takes up, or has enough of a financial cushion to help them cope should things not go exactly according to plan. Paying one mortgage a month is more than enough of a commitment for most people but, if you are ready to take on a buy-to-let mortgage, your first step should be to do a LowerMyBills buy-to-let mortgage comparison. Just click: compare mortgages now and LowerMyBills interrogates the current market, so you don’t have to, and delivers the best buy-to-let mortgages to you in seconds.
Okay, I want to maximise my rental income with a cheap buy-to-let mortgage today!
Experian® - the company behind LowerMyBills - also provides CreditExpert, which gives you access to your credit report and score enabling you to see what lenders see about you when they make a decision about which financial products or services are available to you.
The LowerMyBills.co.uk mortgage service is provided by BeatThatQuote.com Ltd, an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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