Are you looking to buy a property and specifically let it out?

Buy To Let mortgages work in the same way as residential mortgages, but there are a few other factors to consider as you won’t actually be living in the property yourself.

Buy to Let

UK property prices are strong and continue to rise across the board, so it is easy to see why buy to let is an attractive option for many doctors and medical professionals. Spotting a bargain and snapping it up quickly is key to a profitable buy to let purchase.

Buy to let is most suited to investing doctors, those looking to purchase a second home for themselves, or as a home for their children whilst they study at university or to get them onto the property ladder. Regardless of purpose, a buy to let property should also be viewed as a long-term investment.

As buy to let mortgages are riskier for lenders, you will typically need a 25% deposit to secure your buy to let mortgage. The potential rental income will be assessed to determine if you can afford the mortgage repayments. If you are looking to take out your first buy to let mortgage, then your professional income will also be taken into consideration.

Lenders can sometimes apply additional criteria to buy to let mortgages which can include not being ability to let the property to groups of unconnected individuals, a lower loan-to-value restriction on new builds and conditions about the type and length of your tenant letting agreement. They may also impose restriction on the number of buy to let mortgages you can take out.

Talk to a medical mortgage adviser before taking out any buy to let mortgage.

Our experienced advisors are only a phone call away. Give us a call on 01656 332 600.

For out of hours or weekends, email us at info@doctorsmortgagesonline.co.uk

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE.