Best Buy To Let Mortgages
Are you looking for the best buy to let mortgages? We can provide you with a mortgage that suits your individual circumstances. We understand that investors need to maximise their income and ensure the right product to help grow your investment portfolio. Our advisors will understand your needs whether you are looking for that one time investment or you want to build an empire, let our experts guide you. Back in 2008 a lot of people left the buy to let market, after discovering that being a landlord was often quite demanding and not as easy as people first thought. There is still plenty of room in the market for serious buy to letters, you will need to be able to work and think strategically to build up a business.
When you purchase a buy to let property you have to get a specific mortgage for it because you cannot use a conventional mortgage or insurance product for a rental property. If you don’t follow the rules and put a residential mortgage onto the property the lender might call in the mortgage altogether. A mortgage for a rental property generally has higher interest rates, One aspect of the mortgage that helps out the purchaser is that the mortgages normally interest only. This means that instead of paying the interest and the loan capital back on the property you only pay for the interest. Then once the agreement has ended you pay back to loan by selling the property and any profits are retained by the seller. That’s if there are profits, you will want to think carefully of what and where you buy.
When you go to the lender for the mortgage they will see you as a business partner, one which it hopes will be fit, healthy and still alive towards the end of the agreement. Lenders aren’t just throwing money at house buyers anymore and will mean that you need to have a viable business plan.
More About Best Buy To Let Mortgages
When you are thinking about going into the buy to let market having a niche is very important. Knowing the people you are going to target will determine where and what you buy. There is no point buying a flat for wealthy young professionals in bedsit land, or a property aimed at families in a row of student houses. When you are a landlord you will have certain responsibilities not only to the lender but to the local authorities as well. You will need to reach the basic levels of safety, hygiene and energy efficiency. Before you proceed any further it might be worth consulting your council’s housing department for further advice on your legal requirements.
Barrett Mortgages is a professional finance broker with offices in Poole, Dorset. Providing mortgages for everyone. Are you fed up with the high-pressure sales tactics of the large corporate, Barrett Mortgages promises no pushy hard sales tactics as we only have your best interests at heart. We were founded by Darren Barrett back in 2009, during some of the hardest market conditions the industry has seen. Our business has thrived with our unparalleled, clear, trustworthy, honest and upfront service. All of our staff are fully qualified, experienced and chosen based on their keenness to provide the best possible experience for our customers.