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Buy to Let. Put your plan into action.
If you are thinking of a buy to let property as an investment for
the future, not having a deposit needn't stop you building your
property portfolio. A deposit required on buy to let property is
often greater than on residential mortgages. To get a good buy to
let interest rate a 15% deposit is normal.
So how do you find a buy to let deposit?
If you own your own home and have sufficient equity the deposit
can often be raised on your existing property and with the low interest
rate mortgages available you may find that remortaging to free up
a deposit will mean that you are able to take avantage of a better
interest rate. You could end up paying less per month than you did
before and be able to put your buy to let plan into action.
Buy to Let Deposit Example
You have an existing £60,000 mortgage at 5.54% Standard Variable
Rate - the monthly cost is £277 (interest only). A remortgage
to £75,000 at 3.99% (5 year fixed) is £249.38 monthly
(interest only) - less than you were previously paying! This would
raise £15,000 to put towards the new buy to let property.
An independent financial advisor can help you calculate costs and
secure good interest rates.
Contact Mays Estate Agents for ideal
Buy to Let property for sale.
Mays Estate Agents has a range of properties that they recommend
as buy to let purchases.Contact Mays Estate Agents now for a list
of buy to let properties for sale or you can search online on this
site. Mays Residential Lettings can
manage the rental of the property for you.
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