In the world of homeowner mortgages, the idea of getting a loan and only paying off the interest would send most people running for the hills these days. When it comes to buy-to-let, however, the rules are quite different. If you’re new to investing in bricks and mortar, the idea of borrowing a large sum …
Mortgages explained: buy-to-let mortgages and interest only Read More »
What is stress testing? Whilst looking for the best buy-to-let mortgages, you may have heard about the new requirements that have been put in place to assess mortgage affordability. Banks and other lenders are now required to ‘stress test’ all mortgage applications to make sure that the applicants do not borrow more than they could comfortably …
Stress testing and its role in mortgage affordability Read More »
The initial rate, also known as “initial term cost”, allows lenders to set a specific interest charge over an agreed period of time on your mortgage. That initial term cost is regulated by the Financial Conduct Authority (FCA), and the average rate is set depending on the length of the fixed term, eg: 2, 5 …
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