Edinburgh and the Lothians are popular spots for buy-to-let properties. When buying a rental property, you may require a buy to let mortgage and here’s where we can help.

As independent mortgage advisers with a wealth of local market experience, we at ESPC Mortgages can help you find the most suitable buy to let mortgage rates for your circumstances.

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When it comes to buy to let mortgages, we’re here to help, so let’s cover some of the basics.

Do I need a buy to let mortgage?

If you are buying a property to rent, then you will need a buy to let mortgage rather than a residential mortgage, as residential mortgages are intended only for those who live in the property. If you buy a property with a residential mortgage and rent it out, you are likely to be in breach of your contract and may therefore be subject to charges; however there are some exceptions.

Buy to let mortgages explained

You may now be asking yourself ‘what is a buy to let mortgage?’. They are similar to residential mortgages, with a few key differences.

You can use a repayment mortgage (similar to a residential mortgage), but most buy to let mortgages are interest only, meaning you only pay off the interest rather than the capital each month. This means your monthly repayments will be low, however you will need to pay the entire balance at the end of the mortgage term. This often requires the sale of the property, remortgaging or using existing savings.

Lenders usually base how much you can borrow by how much rent you will charge, rather than your current salary. This requires planning and research to make sure your rental income will cover your mortgage repayments and any additional expenses, such as insurance and building management fees.

When it comes to buy to let property management, ESPC Lettings can provide a full property management letting service. From finding quality tenants to drawing up legal documents, find out how they can help.

Most financial institutions see buy to let mortgages as riskier, meaning they usually require a larger deposit, typically between 20-25%. They also tend to have higher interest rates than residential mortgages and require for you to have been paying any existing mortgages without any problems for 12 months or more.

How to get the most suitable buy to let mortgage

Taking all the above into consideration, there’s a lot to think about when it comes to mortgages for a rental property, so we therefore strongly advise getting in touch with a mortgage adviser.

Our expert buy to let mortgage advisers at ESPC Mortgages will look at your specific needs and the current market to get you the most appropriate buy to let mortgage. Our years of experience of the local rental market in Scotland means we can compare mortgage rates with confidence and get the right product for your circumstances.

Get in touch with the team today using the contact form below, calling 0131 253 2920 or emailing fsenquiries@espc.com

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The basics of buy-to-let mortgages

ESPC Mortgages explain the basics of buy-to-let mortgages.

The buy-to-let process

Helping you build and manage your property portfolio, ESPC Lettings offers a fully managed letting service.

The initial consultation with an ESPC Mortgages adviser is free and without obligation. Thereafter, ESPC Mortgages charges for mortgage advice are usually £395 (£345 for first-time buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED AGAINST IT.

The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

ESPC (UK) Ltd is an Appointed Representative of Lyncombe Consultants Ltd which is authorised and regulated by the Financial Conduct Authority.