Buying To Let in Bournemouth
Our expert advisors will 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 need to maximise on the income when they are buying to let in Bournemouth, 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. Back in the day there was a super cheap market between 1997 and 2008, this period saw a large number of get rich quick schemes. Casual landlords would buy properties in the hope they would have to do very little in return for a continual income.
But this wasn’t always the case and many left the market in 2008 as they realised that being a landlord was often demanding. There is still room for serious people who want to buy to let. If you can work and think strategically to build up a business. With a buy to let property you cannot use a conventional mortgage or insurer; you will need to switch from a regular mortgage to a rental one if you already own the home. If you don’t do this the lender could call in it’s mortgage altogether. The mortgage on a rental property will typically have much higher interest rates than a residential mortgage. The banks are interested in lending to serious investors who can own a higher percentage of the property themselves. An aspect of a buy to let mortgage that can help the purchaser is the fact that they are often interest only.
An interest only mortgage means that you only have to pay the interest on the mortgage and not the loan capital. Once the agreement comes to an end you can repay the loan capital but selling the property and any profits can be retained by the seller. When you are going into the buy to let market the bank will see you as a business partner, one of which it hopes will be fit, healthy, and alive 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 to take on a bulk of the liability. This means that you will need a viable business plan you are confident in. Having a niche market, it also important as well, it doesn’t really matter what niche you go for as long as the business plan works with it.
More About Buying To Let in Bournemouth
It is also good to remember that your responsibilities stretch further that just the bank. You will also be responsible to the local authorities as well has your property will have to reach basic levels of safety, hygiene and energy efficiency. It is most definitely worth consulting your councils housing department for further advice.
With Barrett Mortgages you don’t just get advice on buy to let mortgages; You can get advice on all types of mortgages from first time buyer to equity release, we have got you covered. 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 we offer has meant our business has thrived during these times when clients have needed more individual and specialist help. All 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 us if you are interested in the services, we can provide you with. You can also ask any questions you have to our team who will answer them for you.