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Unlike residential mortgages which will be calculated on the basis of the applicant’s salary, Buy to Let mortgages operate differently, the mortgage lender applies a rent to interest cover calculation. This means the borrower must be able to prove they can obtain enough rental income from the tenant to cover the interest on the mortgage; the rental cover percentage will vary between lenders, the monthly rental will however need to be between 100% and 130% of the monthly interest payment. Loans on buy to let is avaialble up to 87% LTV (loan to value)

The decision of whether an investor chooses an interest only or repayment Buy to Let mortgage will very much depend on the individual’s investment strategy. Repayment is suited for the investor using property as an alternative pension plan or looking to build a small property portfolio whereas with an interest only strategy the investor’s aim is to continue building their portfolio, by choosing this strategy the investor is able to re-gear their property capital in order to increase their number of properties.

According the CML (Council of Mortgage Lenders) at the end of 2004 there were 526,200 Buy to Let mortgages worth £52.2 billion, a 34% increase in value over the previous year. Buy to Let lending continues to account for 6% of total outstanding residential mortgage lending.

As a leading mortgage broker, First Mortgage Trust is independent of lenders and therefore are impartial, so we will be able to use our expertise to recommend the correct mortgage for you. Before selecting a mortgage broker it is essential to check that they are independent, otherwise you may not receive unbiased advice. First Mortgage Trust offer a broad range of Buy to Let mortgages specifically designed to suit the varying needs of the investor.

For regular news on the Buy to Let market as a whole and new Buy to Let mortgage rates when they come onto the market, join the First Mortgage Trust mailing list. To join simply enter your email address above left and click "subscribe me" in order to keep up to date with new developments in the Buy to Let marketplace. Also don't forget to check out our buy to let mortgage blogs

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