Rates and Fees

The buy-to-let mortgage deals that do exist now offer low rates but the fees can be significant, as much as 3.5% of the amount borrowed. You will also be expected to put down at least 25% of the purchase price as a deposit. There is also considerable emphasis on the amount of rental income you can make on the property. Lenders will want to see that the income of the property will cover the mortgage properly. They usually require the rent to cover 130% of the mortgage. So, for a £600 per month mortgage, they will want the monthly rental income to be at least £780. Property Letting Location Tax Implications
CURRENT BANK RATE 0.5% Next Due