Are you looking for a Buy To Let Mortgage in Stamford? You’ve ended up in the right place. Talk Mortgage Broker Stamford is one of Stamford’s leading Mortgage Brokers, and we are here to help provide you with the best options for you.
How much can I borrow for a Buy to Let mortgage?
The amount you can borrow with a buy-to-let mortgage depends on how much you expect to earn in rental income. Typically, a lender will want to see a rental income that’s 20-30% more than your mortgage.
Buy to Let mortgage types
Start by deciding whether you want a repayment mortgage or an interest-only mortgage. With a repayment mortgage, you pay off both the interest and capital each month – meaning you’ll own the property at the end of the mortgage term. With an interest-only mortgage, you pay just the interest – keeping your monthly payments lower than a repayment mortgage – but you’ll have to pay off the capital in a lump sum at the end.
If you opt for an interest-only mortgage, lenders will be keen to understand how you intend to pay off the capital, for example, by selling the property or from regular savings or investments.