Looking for mortgage brokers in Poole? Barrett Mortgages is a professional finance broker, we have offices in Poole and Wareham. We provide mortgages for everyone and we offer a lot of advice for different types of mortgages. People are getting fed up with the high-pressure sales tactics of the large corporates, we promise no pushy sales tactics. Barrett Mortgages was set up by Darren Barrett the founder of the company in 2009, this was during some of the hardest market conditions the industry has seen. We are trustworthy, honest, clear and have an upfront service. This has meant our business has thrived during these times when clients have needed more individual and specialist help.
We have built ourselves a strong reputation which is important as we rely heavily on referrals from clients. If you already own a home and you want to make an investment in another property, we can help you source from a suite of lenders to find you the best product and ensure you have the best mortgage that suits your individual circumstances. We understand that you will need to maximise on income and ensure the right product to help you grow your investment portfolio.
Many people left the buy to let market in 2008 and some limped on after realising that being a landlord is often quite demanding. There is still a place for buy to letters who can work and think strategically to build up a business. A buy to let property requires a specific mortgage and insurance to be able to rent it out to the public. A mortgage for rental property will typically have much higher interest rates than a residential mortgage. Banks are interested in lending to serious investors who can have a higher per cent of the value of the property. One aspect of a buy to let mortgage that makes life easier for the purchaser is that they are often interest-only. This means that each month you pay the interest on the mortgage and not the loan capital, then at the end of the agreement the capital can be paid back by selling the property. Any profits can be retained by the seller, that is if there are profits. A poor purchase could leave you with negative equity.
When you are doing this the bank will see you as a business partner; One which they hope will be fit, healthy and alive towards the end of the agreement. The bank will want to see a plan, so if you are thinking about getting into the letting business you will need to come up with a viable plan. You will need to know who you are targeting and where you are looking to buy.
If you are interested in our advice and help please get in contact with us to find out what the next steps are for you.
