Buy to Lets
We have the solutions to make your property investment a success. You would use a buy to let mortgage if you were buying a property as an investment, a property to let out to a tenant/s, rather than a place to live.
How can we help?
We have the solutions to make your property investment a success.
We can take you through the process with ease and finding us was the first step, next is understanding more about the process.
Our job is to help you understand the process and to secure the best mortgage for your situation. You would use a buy to let mortgage if you were buying a property as an investment, a property to let out to a tenant/s, rather than a place to live. If you are looking to get on the property ladder and wish to still let the property, this could be the solution for you, as some lenders would prefer this mortgage be taken out as opposed to a standard mortgage. Whether you’re a first-time buyer or building your portfolio. As mortgage advisors, we have access to exclusive deals and we will do a mortgage comparison to determine the most appropriate option for you.
The team will guide you and be with you every step of the way, by handling the whole process from application right through to completion.
What is a buy-to-let mortgage?
Buy-to-let mortgages are designed specifically for those individuals who buy property as an investment, rather than a place to live. Initially, it might seem like a great way to make money. However, there are certain risks you need to be aware of. If you’re hoping to get on the property ladder and rent out the property, lenders tend to prefer you don’t purchase the house on finance with a standard residential mortgage.
It is worth noting that this may seem like a great opportunity to make money but there are risks involved which we can discuss with you.
Buy to Let and Standard Residential Mortgage, what's the difference?
If you plan to buy the property and rent it out, you need a buy to let mortgage as a standard mortgage will only be offered if you plan to live in the property yourself. There are many differences between the two but the purpose for differentiating them is that a buy to let mortgage is considered high risk as there may not always be a guarantee that the property will have tenants or the tenants will pay rent on time. With the high-risk, follows a higher deposit and higher interest rates.
Am I eligible for a buy to let mortgage?
You can apply for this mortgage if you are a first-time buyer or already have a mortgage on another property. For first time buyers you may have to pay a higher deposit to ensure the best deal and it can make things difficult when you wish to take out a mortgage for your own home at a later stage as you will have an outstanding debt with the buy to let mortgage.
Can I switch from a standard mortgage to buy to let mortgage?
More often than you may think, people may become landlords when they never intended to be. Personal circumstances can change, or you might have inherited a property, leaving you with a home you don’t intend to live in. We can advise you on what you could do if your circumstances change.
The Steps to your buy to let mortgage
Applying for a buy-to-let mortgage can prove difficult as it’s not as easy as getting a standard residential mortgage. If you’re looking to start investing in property but don’t have the savings to purchase the property outright, you would need to apply for a buy-to-let mortgage. However, there are certain criteria required to get approved.
You need to have a mortgage on an existing home or own your current home outright.
Your financial situation will be assessed including any current and previous debt, credit rating, salary, etc.
Many buy-to-let mortgages are provided on an interest-only basis, meaning that each month you'll only pay interest on the loan. You may need to be prepared to pay off the full loan or refinance at the end of the mortgage term.
We also have Portfolio Buy to Let Mortgage Solutions
If you have numerous properties in your rental portfolio and wish to refinance or expand your portfolio, speak to our specialist mortgage advisors. Our team will assess the type of rental you are looking at, what income is needed from the rent to make the deal work, and recommend the right lender and rate to fit your circumstances. Once you have found your property, we will submit the application and look to progress this to a mortgage offer as quickly as we can.