Looking for a buy to let Dorset property? With our team, we will source a suite of lenders to compare products and ensure you have the best mortgage that suits your individual circumstances. We understand that you will need to maximise on income and ensure the right product to help you grow your investment portfolio. Back in 2008 many left the buy to let market and this was because many found it hard to be a landlord as this position is often quite demanding. There is still a place for serious buy to letters out there who can work and think strategically to build up a business.
When you are looking at renting a property out to people you cannot use a conventional mortgage or insurance to buy a buy to let property and switching a regular residential home over to rental use requires a special buy to let mortgage. If you don’t do this you run the risk of the bank calling in its mortgage altogether. A mortgage for rental property will typically have much higher interest rates compared to a regular residential mortgage. This shows that banks are interested in lending but to serious investors who can put down a higher percentage of the value of the property. One aspect of the buy to let mortgage that will make life slightly easier is the fact that often these are interest-only mortgages. This means that each monthly repayment will just cover the interest payment and not the loan capital; This then can be paid back at the end of the agreement by selling the property and the seller can retain any profits. This is presumed that there are profits to be had. A poor purchase may leave you with negative equity.
The banks will see you as a business partner, one which it hopes will be fit and well towards the end of the agreement. The risk-averse banking sector is no longer throwing money at house buyers, and expect a buy to let landlord take on the bulk of liability. This means that if you are going into the letting business, you need to make sure that you have a viable business plan. This 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.
At Barrett Mortgages we are a professional finance broker and we have offices in Poole, Dorset while providing mortgages for everyone. This includes buy to let mortgages and so much more. People get fed up with high pressured sales tactics of the large corporates, Barrett Mortgages promises to never do this and offer a clear, trustworthy, honest and upfront serviced offered by Barrett Mortgages which has meant our business has thrived during these times when clients have needed more individual and specialist help. We have been running since 2009 when our founder Darren Barrett started the company.