Buy to Let

Buy to let mortgages have a number of key differences to mortgages for your own home. Firstly they are normally offered on the strength of the rental income projected for the investment property that you would like to buy, rather than upon your level of income personally.

Whilst most buy to let mortgages do have a minimum income requirement this is normally very low and the level of rental income compared to the monthly cost of the mortgage is more important to the lender than your income. 

For example a typical buy to let mortgage requires that the projected rental income per month should be around 130% more than the mortgage costs per month. If the mortgage you require for a property will cost you £600 per month then the rental income per month should be at least 30% more than this, or £780 per month. This allows for management costs, service charges on apartments and any possible voids (gaps between tenants) so that even after reasonable levels of these costs you should still break even.

More recently, lenders have begun to allow more flexible lending with a reduction of the interest cover required. 

Although there is no guarantee that it will be possible to arrange continuous letting of a property, nor that the rental income will cover the cost of the mortgage many people are finding buy-to-lets a valuable asset to their financial portfolio.

As independent mortgage brokers in Harrogate specialising in Buy to Let mortgages, we have access to the whole mortgage market, which means getting you the best rate for your circumstances.

 Some buy to let mortgages are not regulated by the Financial Services Authority.

Your home may be repossessed if you do not keep up repayments on your mortgage

*APR 5% 2 Year bank base rate tarcker.2% Lenders booking fee added. Call us for a personalisedillustration.

Coleman Clough Mortgages is an appointed representative of Coleman Clough Investment Management which is authorised and regulated by the Financial Service Authority.Typically we charge £395 for advising on and arranging your mortgage. For poor credit circumstances the overall cost for comparison is 9.1% APR. The actual rate available will depend on your circumstances. Ask for a personalised illustration.

Coleman Clough Mortgages, The New Barn, Home Farm, The Avenue, Esholt, West Yorkshire, BD17 7RH

A brief history of Yorkshire

Yorkshire is an historic county of England, centred on the county town of York, and was originally composed of three sections called Thrydings, now referred to as Ridings. The region was first colonised during the first millennium by Romans, Angles and Vikings. The name Yorkshire first appeared in writing in the Anglo-Saxon Chronicle in 1065.Following the Norman Invasion, Yorkshire was subject to the punitive harrying of the North, which caused great hardship. The area proved to be notable for uprisings and rebellions through to the Tudor period. During the industrial revolution, the West Riding became the second most important manufacturing area in the United Kingdom, while the predominant industry of the East and North Ridings remained fishing and agriculture. In modern times, the Yorkshire economy has suffered from a decline in manufacturing output which has affected the traditional coal, steel, wool and shipping industries.