When the housing market crashed a couple of years ago, it took with it another type of property development. Banks have decided to allow a special type of mortgage known as buy to let mortgages since the middle of the’90s. These loans are intended for properties the buyers would like to rent out, and the amount of the repayments is based upon what the expected rental income from the property rather than the income of the buyer. These loans dried up completely for a while and nobody was able to acquire one. However, banks are once again starting to make some buy to let loans, and allowing property owners to also have a buy to let remortgage as well.
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