Buy to let (BTL) finance is specifically used for people buying property as an investment, not a place to live. It is an ideal option for both seasoned investors as well as new landlords looking to take their first steps into the rental market.
BTL mortgages generally requite a larger deposit and interest rates can be higher.
There are 3 types of BTL mortgages:
- Fixed Rate Mortgage
- Discount Variable Mortgage
- Tracker Mortgage
You are required to pay the standard Stamp Duty tax as well as an extra 3% of the property price.