If you are looking into buying a property to let there are many factors that are different from buying a house which you will actually be living in. Seeking the advice of a person in the industry is always advisable so as you do not overlook any factors which may help you financially and also to make sure that you are operating within the law. Making a mistake early on might be costly.
One of the first things you can do before you do go to seek professional advice however is to do a little homework to see what you can afford and over what period of time. A great tool to use for this is a buy to let mortgage calculator. You can use these tools at no risk online no download required to use them either.
There are many sources of buy to let mortgage calculators available online and I will direct you to just a couple of these sources here.
A buy to let mortgage calculator only takes a couple of factors into account to give you some figures so bear this in mind. When you go to a bank to actually apply for a buy to let mortgage there will be many more factors taken into account such as your credit rating, where the property is located and your income level. Also you will have to take into account the costs of looking after the property and perhaps any work that needs to be done initially.
First of all you can find a handy yet simple buy to let mortgage calculator at alexanderhall.co.uk, after an input of the monthly rental on the property along with the value of the property details to get the figures that you seek back. Very simple but will give you a ballpark idea of figures you can expect to pay.
A more advanced mortgage calculator can be found at justmovein.net, this in more advanced in that you input a little more information but the figures you get back can be much more informative due to the fact that it will give you back repayment figures that you can compare for several different time scales and gives estimations of how much interest you will be paying back for each timescale that are also compared over different initial deposit amounts.