Everything That You'll Need And Require To Gain A Buy To Let Mortgage...

Buy to Let Mortgages are exactly what they sound like, you buy a property specifically to let out on the rental market. Under a standard mortgage, it would normally not be allowed to use the property in the rental market or to be used for a business.

Speak To A Financial Adviser - If you're not an expert on mortgages the best thing to do is speak to an adviser or a broker who know the market and will know the best lenders to approach, as well as the best products that are out there.

Lenders who are entering into arrangements with buy to let mortgage borrowers will still usually require that the borrower have an income. Should the property be empty for any period of time, the lender wants to be sure that you can still afford to repay the mortgage. Most tenants tend to have short term let's so the likelihood of properties standing empty for some part of the time of the loan is high.

The Advantages of a Buy To Let- The obvious one is that your mortgage is actually being paid by the tenant. So the property is increasing in value and increasing in equity without you having to put too much of your own income into the property.

Since the 'credit crunch' of 2008, buy to let mortgages have become more scarce. Whilst they were extremely widely available over the last decade as property prices were rising, many lenders have withdrawn from the investment property market over the last couple of years. However, there are still many great buy to let mortgage deals available; you may just have to look harder for them.

You'll normally still need to have an income so that if the property is empty the lender knows that you can afford to cover the mortgage for that period, although income levels do not generally need to be so high, as such circumstances should only be temporary.

Make Sure You Research The Market - As with other financial products, it is vital that you undertake some research when deciding on a buy to let mortgage. Deals and criteria can vary significantly from lender to lender and so it is important that you shop around to find the very best buy to let deal for you.

Get Qualified Advice- This should be another no brainer, but many people don't actually seek out an Independent Financial Advisor (IFA) or an independent mortgage advisor for impartial advice. This way you know you are not being pressured by anyone and have all the information and know all potential pitfalls in the small print.

Think About The Area - Think logically - if you're buying a property that you want to rent out it needs to be in a place where people will want to rent. Near a school, close to shops and bus routes - all of these things will add to its appeal. Making sure that it is in a good state of repair will also increase its attractiveness.

Get Insurance - Tenants, however nice they are, will never look after your property the way you would. They won't mean to scuff the skirting board or spill wine on the carpet, but they will. You will need to get an insurance policy that covers the building and its contents to make sure than being a landlord doesn't cost you more than you actually make.