A buy to let mortgage, sometimes referred to as BTL, are as simple as the explanation behind the name. BTL mortgages have been created specifically around those wishing to buy a property for the purpose of letting (renting) them out.
As with any mortgage the loan itself is based on a number of specifics that have been created to ensure both the borrower and lender are suitable and also protected. Buy to let mortgages can be fixed rate or variable rate and generally require a larger deposit amount to secure the loan. When considering BTL mortgage applications the property that is being purchased will be expected to achieve a minimum rental income in relation to the proposed mortgage payment. These 2 factors are the main requirement differences between a residential and BTL mortgage application. Many of our buy to let mortgage clients (landlords) have more than one property, this is referred to as a portfolio.
To learn more about the buy to let mortgages offered by Centrado, call us today or apply online.