When To Qualify For The Best Buy To Let Mortgages

2007-05-02 10:04:19

( Financial )



Buy to let mortgages uk allow you to acquire property with the intention of letting them to others. Lenders of buy to let mortgages uk provide the financing you need based on rental income generated, and not on your personal income. To qualify, the rental income must be more than 130 percent of the interest that you are required to pay.

The best buy to let mortgages for you are dependent on how much you can pay for the deposit, the purchase price of the property, the type of flat or house, and your personal credit history.

If you know how much deposit you can afford, then you can calculate the maximum purchase price of the property. To get the maximum purchase price, you simply divide the deposit amount you can afford with the lender's deposit requirements (in percentage terms). It is important to know the maximum price beforehand so you have the idea of the property that you can afford to buy.

Note that most lenders set a minimum purchase price of the property. You must be aware that when your purchase price is lower than the lender's minimum purchase price, no lender will ever consider your application for buy to let mortgages uk.

The type of property will also dictate the best buy to let mortgages you can avail. There are certain types of flats and houses that lenders exclude, such as those that are built using non-standard construction materials. You should ensure that the property you want to purchase is not one of these exclusions.

Your personal credit history will also be a contributing factor to qualify for the best buy to let mortgages. Remember that lenders want to get back their money with the minimum of effort. Your creditworthiness will always affect their decisions on whether to grant you their best buy to let mortgages products.


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