In the present scenario the expenses are increasing day by day. If your income is sufficient today, it may not suffice tomorrow. Moreover gradual increase in inflation also compels you to search for new channels of earning. Buy to let mortgage is one of those channels of stable and lucrative source of income. Buy to let means buying a residential property through mortgage to let it again rather than living in it. It serves as a stable source of income and increases your goodwill as well.
How it works
Buy to let mortgage is like a secured type of loan with only difference that here you are bound to invest the borrowed money in residential properties. Buy-to-let mortgage is provided for property purchases or remortgages for investment in the private rental sector. As per recent data buy-to-let sector is contributing over GBP ? 30 billion annually and worth of buy to let properties is ? 120 billion. These data place this business in a mainstream. This makes the lenders to come forward to offer loans in this sector. In the year 2006 there were 849,000 loans in existence worth a staggering ?94.8 billion.
Outstanding features
Because of their secured category they are easily available and comparatively at a lower APR. Moreover these have a pretty flexible repayment options. Quick and online sanctioning procedure adds one more feather to its cap. The rent may prove to be a stable source of income which may increase your goodwill as well. Even if you feel difficult to repay your property is always there to steer you out.
How to apply
Thousands of lenders are available online to offer you loan for buy to let mortgage. You just have to search for the lender offering best deal as per your requirements. Once your search is over apply to the lender online giving details of your balance sheet and mortgage you are going to offer. Now the lender assesses your affordability on the basis of projected rental income and/or earnings. Once the loan is approved, amount is instantly transferred to your bank account.
So just stop adjusting in the limited width of financial resources and enter into the lucrative business of buy-to-let mortgage. Avail buy- to- let mortgage and sail swiftly in this new investment horizon to lead a financially free life.
