If you want a buy to let mortgage to start growing or expand your property portfolio, we can 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 on income and ensure the right product to help you. Our advisors will understand your needs whether you are looking for that 1-time investment, or to build a portfolio.
Since 2008 many have left the market and a few have limped on, realising that being a landlord is often very 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 purchasing a buy to let property you can’t use a conventional mortgage or insurance, if you scrimp on this detail the bank might call in its mortgage altogether. A mortgage for a reantal property will typically have a much higher interest rate than a residential mortgage.
This shows that banks are interested in lending 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 makes life easier for the purchaser is that the mortgage often is interest only. 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.
The bank will see the borrower as a business partner, one which it hopes will be fit, healthy and alive towards the end of the agreement. You will need to have a viable business plan. Are you targeting young professionals, 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.
We have other services like first time buyer mortgages and self employment mortgages. Getting onto the property ladder is a key goal for most of us, however this can also be a daunting prospect with all the conflicting advice out there. Let our advisors assist you through the whole process from the initial contact, finding out how much you can borrow, getting a breakdown of the costs involved and obtaining an agreement in principle, making you a qualified purchaser and a desireable buyer for many estate agents and sellers alike. We can give you some brilliant advice on how to prepare to purchase your first home. This is an experiance you will never forget. While the process of house-buying only starts once you have found a property that you might wish to call home, planning ahead can give you a huge advantage when it comes to getting the home you really want. In particular it is hard to overstate the importance of organising the family finance so that you have savings in place to put down a respectable deposit and still be able to afford moving costs.
Get In Contact with us if you are interested in our advice and services that we can provide you with.