Buy To Let Mortgage Calculator

2007-05-02 10:04:19

( Financial )



You may find rental property as a good alternative investment to stocks and shares. While this may be true, you have to remember that there are times when your rental property is not occupied. Unfortunately, you will still have to incur expenses for the maintenance of the property and for the monthly repayment of your buy to let mortgage during this period.

Before getting buy to let mortgage quotes, you should ascertain the amount that you can afford to pay for the deposit and whether you will have the financial capability to shoulder the buy to let mortgage payments in case non-occupancy stretches to three months. If you know the value of the property that you would like to purchase, you can find a number of buy to let mortgage calculators online to help you determine the amount that you can possibly borrow.

Most of these buy to let mortgage calculators will simply ask for the value of the property and the expected rent that you will be charging your prospective tenants. The buy to let mortgage calculator will provide you a conservative estimate of the amount that you can borrow. While the buy to let mortgage calculator's result may help you decide on whether or not to take out a buy to let mortgage, know that lenders use different criteria to determine your qualification.

A buy to let mortgage calculator will also help you determine the amount of rent that you should charge to tenants to finance the mortgage. By simply entering the value of the buy to let property and the amount of the deposit, the buy to let mortgage calculator will give you a fair idea on the rent that you should charge. Know that most lenders will require that surplus rental income be sufficient to cover loan repayments if non-occupancy should occur.


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