Buy To Let Mortgage Calculator
Why choose us?
Fair Mortgages can provide you with a first class service if you are looking for buy to let mortgage advice.
Special features of what we offer include:
- Whole of market broker - We deal with leading UK buy to let lenders
- Top buy to let rates - Access to leading buy to let market rates
- Exclusive rates - Access to exclusive buy to let mortgage deals not available on the high street
- Expert help - whether you are a first time investor or full time landlord
- Flexible - We have lenders who will take into account previous defaults and missed payments
- Complex buy to let or have a portfolio of 4+ properties? - speak to us
To investigate your buy to let mortgage options call our specialist team on 0117 403 4222 or fill in our call back form.
How To Find The Best Buy To Let Mortgage
Buying a property to rent out can offer an attractive opportunity for both immediate income (from tenants providing rental income each month) and capital growth (from the potential rise in your property’s value on the future).
Using a buy to let mortgage calculator can help you compare a wide range of buy to let mortgage options, whether you are a seasoned landlord with a property portfolio or just starting out in the world of residential letting.
Our buy to let calculator updates daily with the latest rates, so you can determine what current buy to let deals are available - we do however recommend speaking to our buy to let team to discuss your specific requirements on 0117 403 4222.
So what is the difference between a buy to let and a residential mortgage
- In general terms, buy to let mortgages are quite similar to residential mortgages – but there are a couple of crucial differences which you should be aware of when calculating your total budget for a buy to let property purchase.
- Buy to let mortgages require a larger deposit than standard residential mortgages. While you can obtain a residential mortgage at up to 95% loan to value (LTV) in some cases, many buy to let mortgage providers only offer this type of mortgage up to around 80% LTV.
- Another key difference between residential mortgages and buy to let mortgages is that your potential rental income will be taken into account by the lender when assessing affordability. You will need to demonstrate to your potential mortgage lender that that the rent you propose to charge will cover your repayments on the mortgage by at least 145%.
- Due to the changes in the way the buy to let mortgage market is regulated, lenders will apply a stricter income stress test than before. Now, lenders will require you to illustrate that you can afford mortgage payments even if the interest rate increases to 5.5%
You can use the free mortgage calculator above to help you find a buy to let mortgage that offers the best LTV for your needs.
What to consider when choosing a buy to let mortgage
Bear in mind that property prices can fall as well as rise and that the returns from buy to let properties are not guaranteed. You will also need to consider that tenants may not always be readily available to fill your property.
Some letting agents offer guaranteed monthly payment to landlords even if the property is unoccupied, so this could be an option to factor in when calculating your buy to let mortgage costs.
As with other types of mortgages, buy to let mortgages often incur administration fees, as well as other charges such as survey fees, legal fees, and DIY costs – so it’s vital to incorporate these considerations into your budget when choosing a deal.
Call our buy to let mortgage team on 0117 403 4222