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If you choose to go directly to a Bank or Building Society you'll get a very
small range of products to choose from. We can give you the best deals from
over 80 different lenders, making sure you get the very best deal.
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Buy to Let Mortgages in Glasgow and Lanarkshire
Are you buying property to rent out to tenants? We can source the perfect deal on a Buy to Let Mortgage.
A ‘buy to let’ mortgage is a mortgage that is used as a means of buying a property with the specific intention of letting that property out to tenants.
You should be aware that, as of April 2016, new tax rules have come into place for owners of additional properties.
In determining how much a lender will be prepared to lend, this works in a different way from a residential mortgage.
Rather than assess your employment history, income, outgoings etc, the lender will apply a ‘Rent to Interest’ calculation, however although not assessed for affordability, some lenders may require you to have a minimum £25,000 income per annum.
Most lenders will lend to a First Time Landlord so long as you have, or have had, a residential mortgage.
The amount of rent you receive from your tenant must be enough to cover more than a calculated amount of mortgage. Typically the lender would expect to see rent in the region of 125% or 130% of the calculated amount of monthly mortgage payment.
You will require a deposit as with any other mortgage. Typically, this would be 25% of the Purchase Price, however, some lenders are now considering a 20% deposit for an experienced landlord, but this will be reflected in the monthly payment as the interest rate would normally be higher.
Buy to Let mortgages can be offered either on an Interest Only basis or on a Capital Repayment basis. This is normally determined by what the Landlord is trying to achieve.
For example, if you are looking for a regular income, then Interest Only would suit better as you would have less to pay out on the mortgage each month from the rent.
If, however you were investing for retirement, you may want to consider a Repayment Mortgage and this would reduce the amount outstanding over time.
At Affinity, we are Independent, Whole of Market, mortgage advisers and as such, you can be sure that we are best placed to help you find the most suitable mortgage for your needs.
We offer home visits without obligation. Whether you are a First Time Buyer or multiple Buy to Let Investor with an existing Portfolio, contact us for professional advice. We can visit you when it's convenient for you. We've helped clients from all across Central Scotland from Glasgow to Edinburgh to Perth and everywhere in between to find the mortgage that's exactly right for them. There's absolutely no-obligation and our advice is always unbiased and impartial. We simply recommend the best products that most suit your requirements from the whole of the market and let you choose.
Buy To Let mortgages are not usually regulated by the Financial Conduct Authority (FCA), unless certain conditions are met which makes them a Regulated Mortgage Contract or a Consumer Buy To Let Mortgage.Your home maybe repossessed if you not keep up repayments on your mortgage.
People We've Helped
I hadn't bought a property to rent out before and didn't know what to expect. Liz made it really simple. Everything was easy to understand and sorted for me. I would recommend Liz and Affinity without hesitation."
MR F. WALKER, HAMILTON
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What Affinity will do for you
We're completely independent and totally unbiased. You will ALWAYS get the best possible deal.
You get first class FACE to FACE advice. We build really effective long lasting relationships
We're really easy to deal with and have helped 1000's of people all over Scotland get a better deal.