Yes, you can overpay on a buy-to-let mortgage. If you overpay you will be charged less interest, so you will pay more tax. But the interest saved outweighs the extra income tax so it is often not worth it.
If you have a residential mortgage but want to switch to a buy-to-let, you will need to apply for this with your current mortgage lender. If your current lender is unable to switch your mortgage then you can also look at remortgaging the property with a new lender. Contact ProLeads for a better understanding of the procedure and further expert assistance.
The minimum deposit for a buy-to-let mortgage is usually 25% of the property’s value (although it can vary between 20-40%). Most Buy-to-let mortgages are interest-only. And the maximum you can borrow is linked to the amount of rental income you expect to receive. Most lenders typically need the rental income to be 25–30% higher than your mortgage payment.
Buy-to-let mortgages are roughly about 1% more expensive than your average residential mortgage. This is because lenders view buy-to-let mortgages as higher risk.
Yes, you need to be at least 25 years old at the time of application and be no more than 80 years old at the end of the mortgage term.
