A BTL mortgage can only be used for a BTL. Hence you should not be comparing what it takes to get a BTL mortgage to what it would take to get a mortgage for your primary residence.
A BTL mortgage will depend on the projected rental income, the deposit and the property for the most part. Your income is not much of a factor with most BTL mortgages. Your credit can be an a factor if you have credit issues.
BTL (investment loans) are more difficult to obtain. Lenders base their lending guidelines on risk. Rentals are considered risker investments for banks versus primary residences, therefore underwriting guidelines are more stringent and rates are higher.
Easier is a relative term. Compared to what?
A BTL mortgage can only be used for a BTL. Hence you should not be comparing what it takes to get a BTL mortgage to what it would take to get a mortgage for your primary residence.
A BTL mortgage will depend on the projected rental income, the deposit and the property for the most part. Your income is not much of a factor with most BTL mortgages. Your credit can be an a factor if you have credit issues.
John | Jun 30, 2009 | Reply
BTL (investment loans) are more difficult to obtain. Lenders base their lending guidelines on risk. Rentals are considered risker investments for banks versus primary residences, therefore underwriting guidelines are more stringent and rates are higher.
HomesByDamon.com | Jul 2, 2009 | Reply