If you are decided upon a buy to let mortgage we recommend getting numerous rate quotes from multiple lenders. Expo Financial can supply you with as many as four free rate quotes on your mortgage with no obligation and no hassles. Give our short form a try and a lender will contact you by phone at the desired time.
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Buy to let mortgages are a step up on the economic ladder of home ownership. We have all had or known, or even hated our landlords at some point. But wed all love to become one. Buying a home for the sole purpose of renting out to others can be financed just like your first home loan was. Your new loan would function much like a second mortgage. If your credit and income are sufficient, your toughest battles will actually be finding a good property and selecting good tenants. A multitude of books are available on the subject. If you trust your college age children, buying a home and collecting rent from them may even be an option.
With all of their advantages and disadvantages, buy to let mortgages are still a great option right now because interest rates have not been lower in the past twenty years. If you are looking to make a large tax deduction on the mortgage you may consider what is called an interest only mortgage. This will increase the amount of money you are deducting for interest payments on the home. As with any mortgage we recommend that you apply for a rate quote, but also most importantly, speak in detail with the lender that contacts you to learn as much about the process as you can from a lending professional.
Deciding upon a buy to let mortgage is a long-term commitment that reaps many of its rewards later down the road. You should be mindful of the difficulties associated with tenants who do not pay on time and also hidden costs that come out to bring the house up to code as years go by. Taxation issues are also important to consider because you will be hopefully be profiting from your investment.