Buy-to-let means pretty much what it sounds like: buy-to-let property is a property that you purchase or remortgage to rent out without any intention to live there. If you are thinking about renting your current home, then you will need to convert your current mortgage to a buy-to-let mortgage.

Buy-to-let is generally regarded as a specialist market with various lenders and advisers available. Landlords frequently use buy-to-let for property investments as a popular way to earn additional rental income. You require a higher deposit and higher stamp duty on a buy-to-let property.

Buy-to-let mortgages have seen several changes take place, including the increase in rent and loan ratio.

Buy-to-let remortgaging is often seen as an effective tool to potentially save money on your monthly mortgage payments, especially if you are on a wrong or higher interest rate. When your fixed term is over, your monthly mortgage payment will go up.

You could save on your monthly mortgage payment by remortgaging to a lower rate. It is always a good idea to shop around as you may find a much better deal with a different lender than your current lender can offer you.

Mortgage brokers have access to a wide range of specialist buy-to-let mortgages available to first-time landlords, self-employed and contractor workers.

A good mortgage advisor can help you to get the best mortgage deal for your particular circumstances, leading you through the entire process of your mortgage application from start to finish.

Banks, on the other hand, show you only mortgages available through them, and you don’t know if you fit their lending criteria.

The minimum deposit for a buy-to-let mortgage is higher: most buy-to-let mortgages require a deposit of around 25%. Some lenders may offer 20% deposit mortgages but at a higher interest rate.

You may have to keep your buy-to-let property empty for some time before you find a new tenant.

A number of new tax changes have affected buy-to-let profit margins.