Buy To Let Properties For Passive Income
Looking to invest in property and make some passive income? If you are interested in doing so our team will be able to source from a suite of lenders and compare products to ensure you have the best mortgage that suits your individual circumstances. We understand that investors will need to maximise on income and ensure the right product to help them grow your investment portfolio. Our advisors will understand if this is just a 1-time investment or to build a portfolio of properties. When you are buying a property to rent out, you want to be making a good investment choice on what type of property you purchase and who is going to occupy it. As you will most likely have the property for quite a few years if it loses value you could end up with negative equity.
Many people left the buy to let market in 2008 when they realised that being a landlord was quite demanding. There is still a place for serious investors that want to make some extra money on the side. With a buy to let property, you have to use a special buy to let mortgage instead of a residential mortgage. If you are caught using a residential mortgage on a rental property the lender might call in its mortgage altogether. This is because buy to let mortgages have higher interest rates and the loan to value percentage is higher for a buy to let property and means banks are very much interested in lending to serious investors. One aspect of the buy to let mortgage that can make life easier for the purchaser is the fact that the mortgage is often interest only. This means that each monthly repayment only covers the interest on the mortgage and not the loan capital. At the end of the agreement the loan capital can be repaid by selling the property, the seller can retain any profits.
More About Buy To Let Properties For Passive Income
When you have a rental property you are responsible not only to the bank but to the local authority as well. Your property must reach basic levels of safety, hygiene and energy efficiency. It might be worth consulting your council’s housing department for further advice on your legal requirements before you proceed. Barrett Mortgages is a professional finance broker with our office in Poole, Dorset we provide mortgages for everyone and not just the people looking at buying an investment property. We were 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.
Our staff are fully qualified, experienced 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 heavily on referrals from clients. Get in contact with our team if you are interested in the advice and help we can provide to you. Take a look at our Google Reviews to see what our customers think about our service.