We have a brilliant buy to let in Bournemouth service where we can help you get prepared and ready for a buy to let mortgage and let you know about all the challenges that you may counter during the agreement. We will be able to source a suite of lenders and compare products to ensure you have the best mortgage that suits your individual circumstances. We understand investors need to maximise income and ensure the right product to help you grow your investment portfolio. Our advisor will understand your needs whether you are looking for that 1-time investment, or to build a portfolio of properties.
Many people that had buy to let properties left the market in 2008 and a few have limped on ever since, after realising that being a landlord is quite demanding most of the time. There is still a place for serious letters who can work and think strategically to build up a business, this page will help you with an investment strategy for the future. For a buy to let property you can’t use a conventional mortgage or insurance and switching to a regular residential mortgage over to a rental one requires a special buy to let mortgage. A mortgage for a rental property will typically have a much higher interest rate than a residential mortgage. This shows that banks are interested in lending to someone who is a serious investor who can put down a high percentage of the property themselves. The good thing about a buy to let mortgage can be that the mortgage is interest only and will make life a bit easier for the purchaser. This means that each monthly repayment covers just the interest payment and not the loan capital. At the end of the agreement, the capital can be repaid by selling the property and the seller can retain any profits.
When you go to the bank for the loan, you will be seen as a business partner, one which it hopes will be fit, healthy and alive towards the end of the agreement. If you are going into the letting business, you need to make sure that you have a viable business plan. Who are you targeting? Young people, students, married couples or commuters? If you don’t have a niche market in mind, you need to get one before you go any further. 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.
Barrett Mortgages was founded by Darren Barrett in 2009, during some of the hardest market conditions the industry has seen. The unparalleled, clear, trustworthy, honest and upfront service offered by Barrett mortgages has meant our business has thrived during these times when clients have needed more individual and specialist help. All staff are fully qualified, experience and chosen based on their keenness to provide the best possible experience for our customers. We promise no pushy hard sales tactics and have built a strong reputation which is important as we rely on referrals from clients.
Interested in our advice? Get in contact with our brilliant team to find out exactly what we can do for you with buy to let in Bournemouth.