Buy to Let Mortgages in Essex

A buy-to-let mortgage is a mortgage specifically for properties that are being let. Whilst there are similarities between standard residential mortgages and buy-to-let mortgages, there are key differences that you should be aware of. Buy-to-let mortgages are most commonly offered on an interest only basis. This means that your monthly payments will only pay the interest charges on your loan, with the original balance being unaffected. At the end of the term, you’ll still owe the full loan amount. This is required to be paid back by a suitable, approved repayment plan which could be the sale of the property. 

If you’re planning on renting out a property on which you currently have a residential mortgage, you’ll be in breach of your mortgage agreement. It’s vital that you obtain consent from your lender or switch to a buy-to-let mortgage. A trusted mortgage broker can help you find deals that suit your requirements. A buy-to-let property can be a fantastic investment opportunity but it’s imperative that it’s done correctly. If you’re keen on maximising the benefits from this financial venture, you’ll need to ensure that you have the right type of mortgage. Here at Planet Mortgages, we have a team of experts who will work closely with you to ensure that your needs are met. We’ll talk you through all the options available, help you with your application and liaise with your lender, solicitor and estate agent.