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.