What is a buy to let mortgage?
A buy to let mortgage is a mortgage for purchasing residential property with the specific aim of letting it to tenants.
Buy to let mortgages have been around since 1993 when the Association of Residential Letting Agents coined the term. Before then landlords and residential property investors used commercial mortgages to buy property to rent to tenants.
In general buy to let mortgage lenders operate according to short term strategic business targets, setting up lending pools for each particular mortgage product.
When these pools become empty the product is withdrawn from the market.
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