Barrett Mortgages is a professional finance broker with offices in Poole, Dorset. Providing mortgages for everyone including first-time buyer mortgages, self-employed mortgages, buy to let mortgages, re-mortgages and insurance products from a preferred selection of reputable industry leaders. We were founded by Darren Barrett in 2009, during some of the hardest markets 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 of 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.
One of the services that we can help you with is giving advice for buy to let properties. Many people left the buy to let market back in 2008 as many saw that being a landlord is quite demanding. There is still plenty of room for serious buy to letters who can work and think strategically to build up a business. When you are investing in a buy to let property you cannot use a conventional mortgage or insurance as you will need a specialist buy to let mortgage. A mortgage for a rental property typically has much higher interest rates than a residential mortgage. Banks are interested in lending to serious buy to letters who can own a higher percentage of the property themselves. One aspect of the buy to let mortgage that makes life slightly easier for the purchaser is the fact that they are often interest only.
When you borrow money from the bank for the buy to let property they will see you as a business partner, one which it hopes will be fit, healthy and alive towards the end of the agreement. The bank is no longer lending money to just anyone. Therefore you will need to come up with a viable business plan. You could be targeting young professionals, students, married couples or commuters. This niche will then decide where and what property you buy.
When you own a buy to let property you have certain regulations and requirements that your property must fulfil before you can let it out to anyone. These are normally basic levels of safety, hygiene and energy efficiency. Before you proceed any further you might want to get in contact with your local council’s housing department for advice and legal requirements of what is expected from you and your property.
Get in contact with our team if you are interested in our advice on buy to let mortgages or if you want to talk to a mortgage broker in Bournemouth & Poole. Check out our Google reviews to see what our customers and clients have said about our service.