Although a Buy-To-Let mortgage are closely similar to an ordinary mortgage, there are a few very distinct differences between them. These differences include:
- A higher deposit rate. You can expect this rate to be around 25% although it is often found that it can be as high as 40%. With a higher deposit rate you will find that the mortgage interest rates are typically lower.
- Although interest rates are typically higher, you will find that fees are generally higher.
Buy-To-Let mortgages are often found to be interest only, allowing you to pay the interest only in monthly payments although the mortgage value is payable towards the end of this period. This means that a separate payment plan is necessary for a Buy-To-Let mortgage.
You can save your Mortgage calculations to a table by simply clicking the "Add to table" button shown below the schedule comparison.