Buy to Let Mortgages
A buy-to-let mortgage is a loan that’s specifically designed for landlords who want to rent out a property. It’s similar to a residential mortgage, in that you’ll need a suitable deposit, but you’re not going to be living in the property yourself.
Are you looking to complete your first buy-to-let purchase?
Perhaps you already have a sizeable portfolio of properties under your belt as a landlord?
No matter which of these applies we have experienced buy to let mortgage advisor, who have extensive knowledge of buy to let mortgage criteria to find the most appropriate buy to let mortgage deal for what you are looking to achieve.
Give us a call on 0800 1 777 333 or drop us an email. Our mortgage advisors will be able to answer any buy to let mortgage questions and get you on the right path.
What Is The Criteria For A Buy To Let Mortgage?
To obtain a BTL mortgage is much the same as the criteria for a standard mortgage. You will need a good credit rating and a reliable income.
However, some mortgage lenders do consider some other factors unique to Buy To Let Mortgages in particular. Some lenders, for instance, will not deal with people over the age of 75, or under a certain age.
Other criteria include income and deposit – some lenders require a minimum income of £20-25,000 and a larger deposit around 25%.
The property type may also be considered; many lenders don’t deal with non-standard properties such as listed buildings.
How Do Buy To Let Mortgages Work?
BTL mortgages are very similar to standard mortgages, but there are some key differences to keep in mind. Fees and interest rates on BTL mortgages tend to be higher, as does the initial deposit required.
BTL mortgages are interest-only mortgages, meaning that you only pay back the interest each month – at the end of the term, the loan amount is paid in full and you will usually need to state a repayment vehicle for an interest-only mortgage such as; sale of property.
The amount you can borrow on a BTL mortgage is linked to the rental income you expect to receive from the property. Typically, lenders will need a rental income that is 25-30% higher than the mortgage payment.
Why Use A Mortgage Adviser For A Buy To Let Mortgage?
A mortgage adviser will have access to lenders that are not available to the general public or comparison sites for Buy To Let Mortgages.
Speak to our mortgage adviser today to get the best buy to let mortgage advice.
Some buy to let mortgages are not regulated by the Financial Conduct Authority.
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