Buy to let mortgage uk
Buy to let mortgages are pretty new.
These types of mortgages used to be known as commercial mortgages due to the fact that the owner(s) would be making cash from the property thus it’s a commercial venture. However in the UK today many people seem to own more than one property for example.. Parents may buy into student accommodation for their son/daughter to live in whilst at university and renting out the addition rooms of the property to the child's friends...
Almost all personal mortgages are only "buy to live mortgages", basically your not be able to rent your property out without a re-mortgaging due to your contract conditions. It's always worth looking into what options your mortgage has to rent the property out after a set period of time... This is basically seeing how easy/costly it would be to re-mortgage..
For myself I'm very interested in buy to let in London... As the rent is so high compared with property cost. E.g. 1 bed central London Property valued at £180,000 rental per month £1,100 per month.. 10% deposit interest at 5% over 25 years would cost about £957.85 thus making a rental profit of £140.00 per month (not include maintenance etc....)
