Interest rates on Buy to Let mortgages vary just as much as those that apply to conventional mortgages. The interest rate payable on your Buy to Let mortgage will be determined by a variety of factors, including but not limited to the following:
While it is true to say that Buy to Let mortgage rates are often slightly higher than those of a conventional mortgage, this is not always the case. It depends entirely on the type of loan you apply for and the lender you choose, along with the criteria and variables listed above.
If you are considering applying for a Buy to Let mortgage, it is important to carefully consider your budget and ensure you can comfortably afford the repayments. In addition, Buy to Let mortgages are like traditional mortgages, in that there are additional borrowing costs to factor in.
One of the best ways of establishing affordability with a Buy to Let mortgage is to use an online mortgage calculator, providing quick and clear indications of costs and repayment obligations. After which, a whole-market comparison should be carried out with the help of an independent broker, in order to ensure you get the best possible deal.
Always remember that the lowest interest rates and borrowing costs on your ideal Buy to Let mortgage may not be available on the UK High Street. You may find an unbeatable deal with a specialist independent lender – many of which provide their services exclusively via established brokers.