Buy to let mortgages in Beckenham are designed for those who want to buy a property they can rent to others. How much you borrow will depend in large part on the amount of rental income you believe you will obtain from the property. Also, while particulars will vary from case to case, do not be surprised if the lender requires you to have a larger deposit than they would ask for if you were buying the property to live in.
Buy to Let Mortgages in Beckenham
Advantages and Disadvantages of a Buy to Let Mortgage
As with everything else in life, there are advantages and disadvantages associated with buy to let mortgages.
Buy to Let Mortgage: Advantages
- Real estate is typically a good investment – As the saying goes “they’re not making any more land”. Particularly in a place like Beckenham.
- Rental property can generate additional income – Not only should rental receipts cover the monthly mortgage payment, but there should be enough to produce some secondary income.
- Rental properties are in demand – In recent years it has become harder to get a mortgage, which has sent many people to the rental market.
Buy to Let Mortgage: Disadvantages
- Inability to let – While the rental market is hot there is no guarantee you will always be able to secure a tenant.
- Increased Stamp Duty – 5 years ago the government levied a 3% surcharge on the purchase of additional properties.
- Problematic tenants – Even if you find a tenant it does not guarantee they will be a good tenant. Some tenants can be very difficult.
Buy to Let Mortgages in Beckenham: FAQs
Can I change my mind and live in the property? – It’s not illegal to move into a buy to let property yourself. But if you do, the lender may be within their rights to require you to pay back the mortgage immediately.
Who can get a buy to let mortgage? – You don’t need to already own property, but it might make it easier. That aside, you need to be at least 21 years old and can file a joint mortgage application with up to 3 other people.
What are my chances of getting a buy-to-let mortgage? – It will depend entirely on your financial situation and whether you are able to come up with the larger deposit, which may be as high as 25% of the purchase price.
Get in Touch with M&LS
To learn more about buy to let mortgages get in touch with Mortgage & Lifetime Solutions on 020 8462 0497 or 07966 299 247.
Other Services
Why not give me a call for a friendly no-obligation chat.
Please do not hesitate to contact me in the first instance on 020 8462 0497 or 07966 299247 or email robert.white@mortgagelifetime.com