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Can I Rent Out My Current Home?
How Can Friends Capital Help with Buy To Let Mortgages?
A buy to let mortgage differs from a residential mortgage in that it is largely assessed on the property’s rental income – rather than on your own personal financial circumstances.
Buy to let mortgage lenders require a higher deposit than a residential mortgage, typically 25% and have specific assessments they make on potential borrowers. It’s important to seek professional and unbiased advice when planning to take out a buy to let mortgage, whether this is your first property or will be an additional property in your portfolio.
Unlike a residential mortgage, where the amount you can borrow is based on your salary and your outgoings, the amount you can borrow on a buy to let mortgage is mainly based on the monthly rental you are getting or are likely to get. Lenders will typically need the rental income to be between 125% – 145% of the monthly mortgage payments.
You may decide to buy a new home, and rent out your current home. This is a process called ‘Let to Buy’. If you move out of the property you’re currently living in and intend to rent it out, you’ll need a Buy to Let mortgage. You could ask your current lender for their consent to let the property out. However, this may involve a fee or switching your mortgage to a higher rate. Not all lenders will allow this.
Friends Capital have relationships with buy to let mortgage lenders. We can search the entire market and get access to the best and most exclusive deals available. Then we will choose the deal that are most appropriate to your personal circumstance. We can:
Either, book an appointment online or request a call back below.