With our services, we can help you find and get the best buy to let mortgage possible for your personal circumstances. We understand that investors need to maximise on income and ensure the right product to help you grow your investment portfolio. Our advisors will understand your needs, whether you are looking for that 1-time investment, or to build a portfolio of properties. Let our advisors guide you.
With a buy to let property, you can’t 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. These mortgages normally have a much higher interest rate than a residential mortgage, this shows that banks are only interested in lending to serious investors who can have a higher percentage of the value of the property themselves. One aspect of a buy to let mortgage that makes life easier for the purchaser is the fact that they are often interest only. This means that the repayments cover 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 buy to let mortgage can be risky if you make a poor purchasing choice. 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 be expected to take on a bulk of the liability. This means if you are going into the letting business, you need to make sure that you have a viable business plan. You will need to know if you are 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 is because it 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.
If you are interested in any of our services please get in contact with us.