Buy to Let Mortgage Advice
Here at Stuart Brown Mortgage Services, we can provide you with buy to let mortgage advice. These are mortgages specifically available for borrowers to aid them to purchase investment properties. The anticipated rental income is primarily used to assess the amount that can be borrowed, and the calculation used by different lenders varies.
Usually, the lender prefers
- The borrower to already own their own home (with or without a mortgage)
- To earn over a set amount per annum e.g. £25000
- To have a good credit history
- For the rent to cover the proposed mortgage interest using a rental calculation, for example, £mortgage amount x arbitrary interest rate x 125% = minimum annual rent (sometimes 145%)
Lenders offer different schemes in a similar way to residential mortgages, they tend to have either higher pay rates or higher setup costs (sometimes both!)
In terms of the repayment method, they will allow Pure Interest Only as well as full repayment too, being more relaxed about the manner in which the mortgage is repaid as it is not your main residence. Also, Buy to Let mortgages are not currently (Nov 2015) regulated by the Financial Conduct Authority (although this could of course change in the future).
Purchasing any property is a big commitment, buying one to let out to tenants has additional aspects that need to be fully considered. We have a wealth of experience in arranging Buy to Let mortgages (and own several ourselves) so can give you pointers as to how they work and what other areas you need to consider i.e. record-keeping for tax purposes, dealing with letting agents etc. So, if you require buy to let mortgage advice, we are available to help you through the process. It is a good idea to speak to mortgage broker buy to let.
Our let to buy mortgage brokers can provide you with buy to let advice to ensure that you are aware of your options. Contact us today to speak to our expert buy to let mortgage advisors.
If you are wondering how to get a buy to let mortgage view our blog for advice today.
We can also offer help with Bridging, Development & Commercial Finance. For more information please follow the link below.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.
Can I get approved for a mortgage? Getting approved for a mortgage can be a stressful process as it is one of the most important steps in the home buying or remortgaging procedure. Here at Stuart Brown we are available to help you through the process of gaining approval for a mortgage and can offer you expert advice before you submit your application.
Our Testimonials
Book An Appointment If you would like to arrange a telephone call or meeting, please fill in your details below and we will respond as soon as possible.