Buy-To-Let
What Is Buy-To-Let Mortgage
- A buy-to-let or buy to rent mortgage is a type of mortgage specifically for properties that are owned or purchased with the intention of renting them out
- They’re often set up on an interest-only basis, which means you only make monthly interest payments
- The outstanding loan balance – i.e. the amount you borrow – doesn’t reduce and is paid back at the end of the mortgage term via a suitable repayment vehicle, usually the sale of the property
Risks
- f you rent out a property on which you only have a residential mortgage, you’ll be in breach of your mortgage agreement which could put your property at risk of repossession
- To rent out your property without breaching your mortgage agreement you’d have to either obtain consent to let from your existing lender or switch to a Buy-To-Let product
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Your Home May Be Repossessed If You Do Not Keep Up Repayments On Your Mortgage
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