As working patterns change and people become more mobile, demand is high for rented property and short-term lets. In the last few years this gap in the market has been filled increasingly not by big landlords, but by individuals buying one or more properties, in addition to their home, as an investment and letting them out to cover the cost of the loan.
Many lenders now offer tailor-made packages for just this market. You can now get a buy to let mortgage at interest rates to suit almost any circumstances. These include fixed rate mortgages, discount mortgages and tracker mortgage deals - and are often highly flexible. The difference between a buy to let mortgage and a standard home loan is that most lenders won't just take your salary into account when assessing eligibility. Potential rental income from the property is often also included in their assessment.
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Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.