Buy-to-let mortgages used to be a popular option for investors, especially during the housing bubble when prices were rocketing up at unprecedented levels.
If you are considering applying for a buy-to-let mortgage, here are a few ideas to help you get the most from it.
If you want to find the most suitable mortgage for your needs then you should shop around until you find it. It's easier than ever not to find a good mortgage without having to accept the first one you find, so make sure you spend some time researching the market.
Put together the biggest deposit you can
If you can sort out a large deposit on your property then you may be able to arrange a better deal from your mortgage provider.
Prepare for a Rise in Interest Rates
Interest rates are at historic low and have been for the past few years. While this may make it more tempting to take out a buy-to-let mortgage, remember that the rates will not stay low forever and soon they will start to go up again. If you are on a tracker mortgage then you should prepare for a possible rise in your repayments and aim to budget accordingly
Know What You Are Doing
Be careful when taking out a buy-to-let mortgage and know the potential risks before you enter into any deal. This means preparing for the worst such as planning for the possibility of having no tenants in your property for two months. Do your sums carefully, and when you are happy then get searching for the ideal mortgage deal for you.