Mortgage & Lifetime Solutions gives you friendly, honest and impartial buy-to-let mortgage solutions in Bromley. Our 25 years of experience in the mortgage sector lets us advise our clients and educate them about the ins and outs of investing into a property. We don’t settle for getting it right; our clients will receive competent and consistent consulting that goes above and beyond their needs.
How Buy-to-Let Mortgages Work
Future landlords need the all the support they need to start their property rental business. As such, buy-to-let mortgages let them further strengthen their investment portfolio. Typically, these kinds of investments involve the purchase of a property in a sense that what the tenants pay you will be used to pay the mortgage costs. The effects of a buy-to-let investment can take time to be visible as it is more of a medium- to long-term investment. After getting the property, all that’s left to do is to make it attractive enough to lure in potential tenants fast.
Since buy-to-let investments are risky for the lenders, this type of arrangement tends to be expensive and offered on an interest-only basis. It can be difficult to pay off in full as you’ll face larger fees, bigger interest rates, other extraneous costs and a reasonably larger deposit than when getting a residential-type mortgage. When landlords face difficulty with rent collection—tenant who does not pay; no tenant at all—it can get difficult for them to pay for the mortgage.