How You Get A Mortgage For A Rental Property? Essay

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How To Get A Mortgage For A Rental Property

If you are looking to buy a property to rent it, then here is how you get a mortgage for such an endeavor. However, in order to be honest, let me first say that this is not financial advice by any stretch of the imagination. As a disclaimer, let me say that if you take my advice, you do so while knowing it is just opinion and not financial advice by any definition. Still, here is something you should know.

It Was Bad News, But Not If You Are Determined

The year 2016 has seen a nasty shift against buying to rent. It started in cash-strapped Greece a few years ago, and it has slowly spread across Europe and has now hit US shores. Banks are less and less willing to give mortgages to citizens in order for them to purchase buy-to-let properties.

Such endeavors are now considered businesses, which require a business account, a tax paying sole trader, insurance, and experience selling rental space and/or renting rooms to people.

Frankly, in the conclusion (at the end of the article), I say that all you need is a good credit rating and a sizable down payment in order to get your buy-to-let property. And...it is true, but having business knowledge, a business plan and business experience will help tip the scales in your favor if your mortgage lender is umming and arring (on the fence) about your application.

Just A Passive Suggestion, But…

You cannot fall in off the streets and get a loan for a rental place as easy as you used to.

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