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Mortgage wise what is the difference between "buy" and "buy-to-rent" ?
I want to buy a property next door to me with a view to rent it out , i will need to get a mortgage but not sure about this buy- to -rent option? Any tips please?
Public Comments
- sounds like you mean owner-occupancy vs. investment. And yes there is a difference "mortgage-wise". First of all, before you jump into it, will the rent you receive be sufficient to cover the monthly mortgage payment, insurance, taxes, and utilities? If not, do you have enough extra income to cover the difference? As an investor owner, the mortgage rate interest, the down payment requirement, the property taxes and insurance payments will be somewhat higher than a owner-occupant. So make sure you look deep before you leap
