Buy to Let for Second PropertiesBuy to Let for Second Properties https://www.ngiresidential.co.uk/wp-content/uploads/2020/01/buy-to-let-for-second-properties-1024x576.jpg 1024 576 NGI Residential Mortgages NGI Residential Mortgages https://www.ngiresidential.co.uk/wp-content/uploads/2020/01/buy-to-let-for-second-properties-1024x576.jpg
Many people these days are looking to property to provide them with a decent retirement pot. At present, savings returns are low and mortgages are relatively cheap so a second property that you plan to rent out can seem like an attractive option.
However, if you are looking to purchase a second property with the intention of renting it out then you will need a buy-to-let mortgage rather than a residential one. Unlike a residential mortgage, a buy-to-let mortgage is usually offered on an interest only basis and will require a larger deposit than a traditional residential mortgage, usually from a minimum of 15% up to 25%.
There are many things to consider when purchasing a buy-to-let property so ensure that you carry out your research properly and seek expert advice on financing solutions to ensure that your investment is successful.
The Financial Conduct Authority does not regulate most forms of buy-to-let mortgage.
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