FBS Mortgages Ltd is authorised and regulated by the Financial Services Authority.
Buy to let
If you are considering purchasing a property, not to live in, but to rent out, there are a number of things you will need to consider before proceeding. At FBS we will be able to help you find the best mortgage solution for your Buy-to-Let needs from the range of options available.
There are three major differences with a buy to let mortgage:
- Rent Potential – The mortgage lender will take into account the amount of rental income you are likely to receive from the property, as well as your employment income. There are some instances when your employment income will not need to be taken into consideration.
- Interest Rate: You will find that a Buy-to-Let mortgage will have a higher interest rate; this is because the mortgage lenders view them as slightly less secure than a standard home owner.
- Deposit: The deposit you will be expected to put down will be a minimum of 15% and some lenders may demand 20% to 25% of the value of the property.
The type of property you are looking to buy, may also help, or hinder you getting the mortgage you require. Some ex-council property and flats above shops or in high-rise blocks are often not looked upon as favourably as other properties. We can provide help and advice with all these issues.
Please note that most Buy-to-Let mortgage contracts are NOT regulated by the Financial Services Authority
Your home may be repossessed if you do not keep up repayments on your mortgage.
