Can I use the property myself?
This loan is based on the value of the property being sold. You need to make sure you understand how much equity you have in the property. There may be tax implications as well. Your accountant should help you out with this.
What is short-term lending?
A typical residential mortgage lasts for up to 40 years, but our short-term mortgage loans last for up to 2 years. This makes them ideal solutions for buying a new home, as well as for those who want to buy their next home at auction.
How does short-term lending differ from a bridging loan?
Short term mortgages are similar to bridging loans. There is one difference that bridging loans could be more expensive as compared to short term mortgages. Bridging loans can be paid off within 12 months whereas short term mortgages can be repaid over a period of two years.
How long do short-term mortgages last?
A short term let mortgage lasts for usually 12 months duration. The interest rate charged by lenders varies depending on the amount borrowed. Typically, a short term let mortgage has a fixed rate of interest which is lower than the variable rates associated with most residential mortgages.
Is it possible to get a mortgage for a short term let?
Yes, it is possible to get a short term let mortgage. However, you will need to meet certain criteria. For instance, you must be able to show proof of income and assets. If you are self-employed, you will need to provide details of your business. A good credit score is important too.
Are there any benefits to getting a short term let mortgage?
There are several reasons why people choose to take out short term let mortgages. One reason is that they want to avoid paying high stamp duty when purchasing a property. Another reason is that they want the flexibility to move into another property if needed. Finally, some people prefer to keep their finances separate from their main residence. They don’t want their mortgage payments to affect their overall financial situation.
What percentage of rental income can be used for mortgage?
You can use up to 80% of the gross rent received to repay the mortgage.
Who can apply for a short term let mortgage loan?
The lender will require evidence of sufficient funds to cover the cost of the property. In addition, the borrower needs to prove his/her ability to pay back the money.
