Scottish
Building Society Buy-To-Let Mortgages
Scottish Building Society Buy-To-Let Mortgage
Buy
to Let is a form of investment where you buy a residential
property, usually with the aid of a mortgage, and rent it
out.
When
you buy a property to let you become a landlord. It is important
to remember that this is not like owning your own home and,
in effect, you are running a small business.
BUY
TO LET WITH THE SCOTTISH BUILDING SOCIETY
How
much can you borrow?
Do
you know that, with the Scottish Building Society, you can
borrow up to 80% of the valuation or purchase price of the
property (whichever is lower) up to a maximum of £100,000.
The minimum loan is £30,000. The Society will also allow
you to borrow on up to 3 properties, subject to the total
borrowing not exceeding £250,000.
A
combination of your income from employment and your rental
income, allowing for any other mortgages that you have, will
determine the maximum amount you can borrow. The Scottish
Building Society will normally require confirmation of any
proposed or existing rental income.
The
total amount of all your mortgages should not be more than
3 times your income plus 50% of the rental income.
For
further information on a Scottish Building Society Buy-To-Let
Mortgage visit the Scottish Building Society Website.
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