The most money that a lender will release in a buy-to-let mortgage is linked to the amount of rent your property can achieve. They generally expect the rental income to be 30% higher than your mortgage payment.
Before you decide that you want to go ahead, it’s a good idea to do some research. Find out how much rent similar properties in the area are making, and work out whether it’s feasible to achieve the rent you need.
Should you get advice or not?
It’s always a good idea to talk to a broker or investment company before you take out a buy-to-let mortgage, for expert advice on the best deal for you.
Price comparison websites are a good way to get basic details, however, these won’t all give you the same information, and they’re not property investment experts.
You can choose to take the advice of brokers or banks or decide on a mortgage based on your own research. This is called an execution only application, and is a riskier way to select a mortgage.
If you do get advice and later decide that the mortgage isn’t suitable, then you have grounds for complaint. If you don’t take professional advice, then you alone hold full responsibility for your buy-to-let mortgage.