![]() ![]() Buyers are advised to seek independent financial advice and should undertake their own due diligence. A buyer who relies on such information does so at their own risk. We make no representations or warranties with regards to this information, expressed or otherwise. For a firmer idea it's best to speak to a financial adviser or mortgage broker who can run through your circumstances and help give you a more definitive figure.Īll information contained in this website is provided as a guideline only, is based on estimates and assumptions, may not be accurate or complete, and is subject to change. This buy-to-let mortgage calculator is designed to give you a quick idea of the likely mortgage amount you can borrow based on rental income coming in, however this amount is subject to lots of different things such as your credit history, monthly outgoings and deposit. It is also common for conveyancing costs to be slightly higher for a rental property. You may also come across more arrangement fees that are calculated as a percentage of the amount you're borrowing, rather than just a flat fee. Typically, you will be required to cover at least 20% of the property value yourself on a BTL mortgage.Īrrangement fees on a BTL mortgage can be higher than on a conventional mortgage. The minimum deposit you need to put down for a buy-to-let mortgage is higher than it is for a normal residential mortgage. It's common for the interest rates on buy-to-let mortgages to be higher than residential mortgage rates. Once approved, your buy-to-let mortgage enables you to rent out the property to tenants, whereas you cannot do this with a residential mortgage. That said, many buy-to-let lenders will require you to have a minimum salary, typically £20,000 or £25,000. the cost of the mortgage – rather than on your own personal financial circumstances. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.A buy-to-let mortgage differs from its residential counterpart in that it is largely assessed on the property's profitability, i.e. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. We strive to provide you with information about products and services you might find interesting and useful. ![]()
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