Buy to let
If you are thinking of buying a property to rent with a ‘buy to let’ mortgage let us help.
We can arrange this for you, as with our other financial services this is free and completely independent.
When you choose a property you will need to know how much you can afford to pay and how much you will need to borrow. Typically lenders allow people to borrow up to 85% of the property’s value for a buy to let mortgage, unlike a residential purchase of typically 95%.
The size of the loan is usually linked to the expected rental income, as a guide the lender will expect your monthly income to be 10% - 25% greater than your monthly mortgage payments. ocean lettings & management will of course be happy to advice on potential rental incomes and when you have completed we can complete a full rental assessment for you.
As well as your mortgage payments you will also need to pay
- Buildings insurance
- Contents cover if the property is furnished
- Maintenance costs
- Letting management fees
- Periods of no rental income
For more information on becoming a landlord and your responsibilities visit our lettings & management pages.