With the Bank Of England base rate still at 0.5%, and interest rates in general remaining lower than they have previously been for many years, many people who hadnt previously considered themselves to be potential Landlords in Norfolk, are considering it as a viable option.
The vast majority of all of the main Mortgage suppliers offer a range of Mortgages that are designed especially with new landlords in mind who are planning to buy a property and let it out as soon as possible “ Hence this type of Mortgage being know as ˜Buy To Let.
Just comparing the various Buy To Let mortgages available within Norfolk, there are hundreds of potentially different rates, products and terms to consider when looking for the perfect match. However, trying to accurately compare like-for-like between two or more mortgages for your chosen property can prove a nightmare! If you are also considering two or more properties at the same time and trying to work out which option overall gives you the best return on your initial investment, both now and when the resale time comes, you have a potentially huge headache!
Thankfully, there are a number of online calculators which are both free and often up-to-date with the latest mortgage offers available in the market. The latest service from Google allows users to first specify that they are looking for a ˜Buy-to-let Mortgage, and then with a few other details will provide a very fast list of potential best value matches for your specific scenario:
Likewise, if you are considering more than one potential property, there are a few simple calculations that you can do to ascertain which property purchase stacks the odds in your favour more than the other. This quick guide from the ˜Property Investment Project website helps to explain this in a little more detail “ Its not quite as simple as the Google tool but with a few seconds on a calculator, the answer should be clear: