{"id":67240,"date":"2023-08-26T16:07:27","date_gmt":"2023-08-26T16:07:27","guid":{"rendered":"https:\/\/likecelebwn.com\/?p=67240"},"modified":"2023-08-26T16:07:27","modified_gmt":"2023-08-26T16:07:27","slug":"what-is-a-buy-to-let-mortgage-the-sun","status":"publish","type":"post","link":"https:\/\/likecelebwn.com\/lifestyle\/what-is-a-buy-to-let-mortgage-the-sun\/","title":{"rendered":"What is a buy-to-let mortgage? | The Sun"},"content":{"rendered":"<p>THOSE looking to invest in property might consider taking out a buy-to-let mortgage.<\/p>\n<p>These are typically available to those looking to purchase a property they want to rent out.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/08\/soaring-interest-rates-falling-prices-835517227.jpg\"><\/p>\n<p>Your income, expenses and financial history will all determine exactly how much you can borrow.<\/p>\n<p>But not everyone will be eligible for a buy-to-let mortgage.<\/p>\n<p>The rules around eligibility are strict and banks and building societies consider the products financially risky.<\/p>\n<p>Here we explain what a buy-to-let mortgage is, who&#x27;s eligible and how they work. <\/p>\n<h2><span>Read more in money<\/span><\/h2>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/08\/picture-used-accompany-pa-feature-835968622-1.jpg\"><\/p>\n<h3>Do I need life insurance to get a mortgage?<\/h3>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/08\/house-resting-calculator-concept-mortgage-805703327-1.jpg\"><\/p>\n<h3>Mortgage overpayment calculator: Can I pay off my home loan early?<\/h3>\n<h2>What is a buy-to-let mortgage?<\/h2>\n<p>A buy-to-let mortgage is a loan used by landlords to purchase a property as an investment that they will then rent to tenants.<\/p>\n<p>You don&#x27;t need to worry about a buy-to-let mortgage if you&#x27;re looking to buy a house for yourself that you are going to live in.<\/p>\n<p>The benefits for those with a buy-to-let mortgage are the stable income the property provides as well as the further accumulation of wealth if house prices continue to rise.<\/p>\n<h2>How does a buy-to-let mortgage work?<\/h2>\n<p>With a buy-to-let mortgage, the idea is that the rent paid by tenants covers the mortgage and often provides some profit for the landlord.<\/p>\n<h2>Most read in Money<\/h2>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/08\/NEW-OFF-PLATFORM-TEMPLATE-55-1.jpg\"><\/picture>\n<section class=\"css-1r4x4sg\"><span>TOY SALE <\/span><\/p>\n<h3>How to avoid being ripped off by fake websites as Wilko launches 30% off toys sale<\/h3>\n<\/section>\n<p><\/span><span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/08\/bgp8ga-bar-cadbury-dairy-milk-651919093.jpg\"><\/picture>\n<section class=\"css-1r4x4sg\"><span>SWEET TREAT <\/span><\/p>\n<h3>Choc fans are going wild for fave Cadbury sweets back on shelves for Christmas<\/h3>\n<\/section>\n<p><\/span><span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/06\/crop-22657839-1.jpg\"><\/picture>\n<section class=\"css-1r4x4sg\"><span>CLOSING TIME <\/span><\/p>\n<h3>&#x27;Another big shop gone&#x27; from high street as department store to close branch<\/h3>\n<\/section>\n<p><\/span><span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/08\/b8eb169f-e60e-4d95-b763-488e37fcdf06.jpg\"><\/picture>\n<section class=\"css-1r4x4sg\"><span>SHOP HAPPY <\/span><\/p>\n<h3>Martin Lewis MSE&#x27;s urgent warning over supermarket mistake which could cost you<\/h3>\n<\/section>\n<p><\/span><\/p>\n<p>The landlord takes on the risk of the loan in the hope that when they come to sell the property it&#x27;ll be worth more than it was purchased for. <\/p>\n<p>Most buy-to-let mortgages are offered on an interest-only basis.<\/p>\n<p>This means the landlord doesn&#x27;t have to worry about repaying the whole loan until the end of the mortgage and only pays interest each month, which is usually covered by the rent.<\/p>\n<p>The fees tend to be much higher too and borrowers are usually expected to put down a minimum 25% deposit &#8211; although it can vary between 20-40% depending on the lender.<\/p>\n<p>A landlord will often remortgage to a new deal once their current buy-to-let loan comes to an end.<\/p>\n<h2>Who is eligible for a buy-to-let mortgage?<\/h2>\n<p>The application process is slightly different for a buy-to-let mortgage.<\/p>\n<p>Many lenders consider a buy-to-let mortgage as higher risk so you may need to need certain conditions to be eligible for one.\u00a0<\/p>\n<p>A lender may look at a landlord&#x27;s income and credit report.<\/p>\n<p>You&#x27;ll be expected to earn \u00a325,000 a year and if you earn less than this you might struggle to get some lenders to approve your buy-to-let mortgage.<\/p>\n<p>But a more important factor is the rent you&#x27;ll charge on the property.<\/p>\n<p>The bank or building society will want to ensure the rent covers the mortgage repayments.<\/p>\n<p>Lenders have different requirements but will often want the rent to be worth up to 125% of the monthly mortgage payments.<\/p>\n<h2><span>Read More on The Sun<\/span><\/h2>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/08\/newspress-collage-23593349-1692694697449.jpg\"><\/p>\n<h3>B&#038;M fans go wild for \u00a312 gardening essentials that are scanning for just 10p<\/h3>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/08\/KH-COMP-JOSSA.jpg\"><\/p>\n<h3>EastEnders&#8217; Jacqueline Jossa relaxes with family &#038; hits the beach in swimsuit<\/h3>\n<p>Landlords can also do a buy-to-let mortgage comparison online using a comparison website or through a broker.<\/p>\n<p>Many lenders will also have an online mortgage calculator that shows how much rent needs to be charged to cover a buy-to-let loan.<\/p>\n<p>Source: <a href=\"https:\/\/www.thesun.co.uk\/money\/23602146\/buy-to-let-mortgage\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>THOSE looking to invest in property might consider taking out a buy-to-let mortgage. These are typically available to those looking to purchase a property they want to rent out. Your income, expenses and financial history will all determine exactly how much you can borrow. But not everyone will be eligible for a buy-to-let mortgage. The [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":67239,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a buy-to-let mortgage? | The Sun - Like celeb WN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/likecelebwn.com\/lifestyle\/what-is-a-buy-to-let-mortgage-the-sun\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a buy-to-let mortgage? | The Sun - Like celeb WN\" \/>\n<meta property=\"og:description\" content=\"THOSE looking to invest in property might consider taking out a buy-to-let mortgage. 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