How buy to let mortgage is different

sadia85

Can someon advice me little on buy to let mortgage how it is different in terms of lending compared to normal mortgage.

For example:

I have 50k in hand and want to buy 2 different properties putting 20k deposit respectively and the both property is worth 50k.

What lending criteria will bank usually set to let these types of mortgage.

Please advice

Thanks

Let_Us_See

The information you seek is impossible to cover in a few lines and Isuggest you start with your own research before committing yourself to buying two properties.

amnblog

You cannot use a buy to let to buy your own home if that is what you are thinking.

kingstreet

sadia85 wrote: »

Can someon advice me little on buy to let mortgage how it is different in terms of lending compared to normal mortgage.

For example:

I have 50k in hand and want to buy 2 different properties putting 20k deposit respectively and the both property is worth 50k.

What lending criteria will bank usually set to let these types of mortgage.

Please advice

Thanks

Minimum personal income
Minimum deposit 25%
Rent must be 125% or more of monthly interest at 6%ish
Must be a homeowner or able to afford as residential if not
Property must be in readily-lettable condition
Minimum valuation.

There may be more but a few, if not all of those will apply.

lonestarfan

As Kingstreet says there is a minimum valuation. I often see that the minimum values of a property for a BTL is £50,000. The Mortgage Works is £50,000
Just google buy to let lending criteria.