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Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

The seller may or may not be entertaining any new viewings, but if you have viewed the property and decided to make an offer (albeit late in the day) at least the seller will be aware of it

You should also receive a summary of the present state of the property along with any recommendations concerning future maintenance

5% of the value of the property for your conveyancing

(Gazumping)

TIP: Buyers should make note that they are responsible for the insurance of the property on exchange of contracts, not when you move in

This type of mortgage may be suitable for you if the nature of your income is such that satisfying a lenders requirements may prove difficult

If you are refused a personal loan or wish to make enquiries concerning your own credit file, you can apply to the credit reference agencies for a copy of your credit file

The amount is usually measured in either pounds or months

Taking entry The solicitor will advise you on checks to be made when you enter the property and what to do if you encounter any problems

The increased flexibility inherent within the repayment vehicle can lead to shortfalls in relation to the amounts required owing to withdrawals having been made

Mortgage Indemnity Charge (sometimes referred to as a High Percentage Lending Fee) For high Loan to Value (LTV) mortgages i

£200 to a percentage of the loan e

Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

With this type of mortgage, interest may be calculated on a daily or weekly basis

After completion, the buyer must pay stamp duty (if applicable) and must be registered as new owner with the Land Registry together with the details of any mortgage lender

It acts as a form of insurance for the lender not the borrower

Most pension plans have the option at maturity to withdraw a percentage of the fund as tax-free cash

Buyers should check carefully any property they wish to buy for such restrictions

you as a loyal customer with a new loan

Proceedings relating to any infringement of building regulations

If you are obtaining a mortgage then your solicitor will need to prepare a Standard Security, giving your mortgage provider certain rights over the property

This is referred to as a ‘redemption overhang’