If you are fed up of the low interest rates of banks and are not willing to risk your money in the share market, Buy to let mortgage UK is a very lucrative option for you. The real estate prices have been rising steadily and buying property is becoming difficult by the passing time. So invest in property while the market has to offer affordable options to you.
Buy to let mortgage UK- how is it different from home loan?
There are many similarities between a home loan offered by your bank and a buy to let mortgage. However, there are some differences. For starters, the interest rates of buy to let mortgage is higher than that of a home loan. It may range from 25-40 percent depending on the property.
Secondly, you will have to deposit a larger amount initially to book the property.i.e. the initial deposits are higher compared to a standard home loan.
There are certain criteria you should fulfil to be eligible for a buy to let mortgage. You should have a minimum age which is mostly 25 years and above. You should have a fixed source of income with a fixed salary per month. There are certain rules that prevent you from taking more than a specified number of mortgages on to let properties. Also the maximum amount you can loan is also fixed according to the conditions of the mortgage. So be aware of all the rules before investing.
Details you should know about Buy to let mortgages UK
You will have to keep up the repayments in a well timed manner. Otherwise it may spell trouble for you. You can opt for interest only loans in which you will have to pay just the interest on a per month basis.
If in doubt about where to invest just visit our website
www.domaza.co.uk/buy_to_let_mortgage_uk/
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