If you are buying your first property to let:
- You may need a deposit of at least 20% of the purchase price
- You may need a short hold tenancy rental agreement with your tenant
- The rental normally required by lenders varies but typically it needs to cover 125% of the monthly repayment amount for the mortgage taken.
- There is no real limit to the number of properties purchased you simply must have sufficient rent to cover the mortgages.
Some points to note:
- It may be advisable to have spare money for the general upkeep and maintenance of the property
- You may wish to include within the rental agreement payment of the utilities and council tax by the tenant
- We can also arrange Landlord’s Insurance to protect the buildings and contents of your property.
Call us now on 01235 555028 or email info@ofmortgages.co.uk
RISK WARNING: Your home may be repossessed if you do not keep up repayments on your mortgage.
