Mortgage & Lifetime Solutions provides reliable, honest and impartial buy-to-let (BTL) mortgage solutions in Orpington.
Who needs a buy-to-let (BTL) mortgage?
A BTL mortgage can be handy for investors looking into buying a property for the purpose of renting.
How does a BTL mortgage work?
- You can only get a standard residential mortgage if you plan to live in the property yourself. A BTL can make it less difficult to loan a property that will be utilised for renting.
- Mortgage providers see BTLs to have a higher risk than residential mortgages. As a result, you may pay a larger deposit for a BTL.
- Paying in full can be difficult as you may face larger fees, bigger interest rates and other extraneous costs.
- Most BTLs are interest-only, compared to residential mortgages, which are typically interest plus capital.
- The results of a BTL investment can take time to show as it’s more of a medium- to long-term investment.