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Linda Cleaves CeMAP – Mortgage & Protection Adviser
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Investment properties are seen as a good way to diversify an investment portfolio and can also provide a good source of income as a supplement to pension income in the longer term.
Most lenders offer buy-to-let mortgages as a way of funding the purchase of an investment property for investors and private landlords who do not intend to live in the purchased property. They can’t be used for holiday lets or for houses with multiple occupancies, such as Student Houses, because most lenders require a shorthold assured tenancy.
In general, a buy-to-let mortgage works the same way as a residential mortgage, but you need to be aware of the following differences:
Most buy-to-let mortgages in the South West can be arranged on an interest-only basis and this is a popular method for many borrowers as it keeps the monthly payments lower. It means you don’t pay anything off the lump sum borrowed each month but, of course, at the end of the mortgage term, you repay the capital in full.
Buying additional property for the purpose of letting it to earn rental income can be risky and complicated since there is no guarantee that house prices will rise nor that rental income will be uninterrupted. That said, letting a second property to tenants could return respectable financial rewards over the longer term, but it’s important to adequately consider the risks, as well as rewards, involved in buy- to-let before making a decision.
Whether you are looking for your first rental property, an existing landlord adding to your portfolio, require insurance products for your investment properties, or you wish to re-mortgage your buy-to-let property, please call us to discuss your needs.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. Written quotations are available on request. Loans are subject to status.
Thompson Jenner Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.
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