Mortgages: Buy To Let



Buy-to-let mortgages are for investment properties, and this area of lending is where Cox & Co stand out from the rest.

As with regular domestic home loans, there are many products on the market ranging from special offer deals to fixed rate and variable rate loans. With a buy-to-let mortgage some lenders will only consider your rental income when offering a mortgage, while other buy-to-let lenders will place more emphasis on your normal earnings – especially if you only have one or two rental properties.

Your expected rental income must exceed your mortgage repayments by a certain percentage. For example, your mortgage lender may require a rental income of 125% of your monthly mortgage payments. Your lender will also want to establish whether the property you are buying is a good long-term investment. As such, buy-to-let mortgages are subject to the usual status checks. Generally buy-to-let mortgages are available for between 5 and 45 years and for up to 75% of the property value.

When considering a buy-to-let it is also necessary to bear in mind any additional costs such as letting agent’s commission, insurance premiums for building & contents cover, rental and legal expenses cover, the costs of keeping the property in a suitable condition for letting, service charges, and ground rents if the property is leasehold.

At Cox & Co, we can arrange your buy-to-let lending and cater for all of your rental requirements. Contact us using the form opposite, and find out what we can do for you. Alternatively, give us a call at our Aberdeen or Edinburgh offices to discuss your options.

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