The Times - Should I consider making a move into buy-to-let?

by Aaron Strutt

Oct 16 2016

Paying off the mortgage is only one of the things on Jenny Gabriel’s to-do list. Clearing debts and buying a second property also feature highly for the 43-year-old, who works with young people and adults with autism.

Aaron Strutt of Trinity Financial answered a question for a The Times reading considering a buy-to-let mortgage.

“Over the past few years mortgage lenders have lowered their buy-to-let rates to tempt borrowers. To qualify for a buy-to-let mortgage you will typically need a £25,000 minimum income and a 25 per cent deposit. To work out how much you can borrow, the lenders will assess the rental income. If the rent is £500 a month, you should be able to borrow about£80,000. There are some great properties in Derby for about £100,000, and if Jenny did buy, she would have to pay the higher rate of stamp duty, costing about £3,000."

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