Mortgage Experts In Poole

PUBLISHED: 2 February 2021
DISCLAIMER: The information in this blog post may be outdated and may not reflect current financial practices or market conditions

Here at Barrett mortgages, we have a brilliant service to help you get the mortgage that you need. We were set up in 2009 by Darren Barrett and have become a well respected professional finance broker with offices in Poole, Dorset. Providing mortgages for everyone including first-time buyer mortgages and buy to let mortgages. Fed up with the high pressured sales tactics of the large corporates, we were set up to provide a service that is the opposite. 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 team is 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.

We have a great service where we can help you to get a buy to let mortgage. We will source from a suite of lenders and compare products to ensure you have the best mortgage that suits your individual circumstances. We understand investors need to maximise on income and ensure the right product to help you grow your investment portfolio. Our advisor will understand your needs whether you are looking for that 1-time investment, or to build a portfolio of properties.

Back in 2008 many left the market and only a few limped on, realising that being a landlord is often quite demanding. There is still a place for serious buyers to letters out there who can work and think strategically to build up a business. For a buy to let a property you have to have a special buy to let mortgage, a mortgage for rental property will typically have a much higher interest rate than a residential mortgage. This shows that banks are interested in lending to serious investors who can put down a higher percentage of the value of the property themselves. One aspect of a buy to let mortgage that makes life slightly easier for the purchaser is the fact that they often interest only. This means that each monthly repayment covers just the interest payment and not the loan ‘capital’. At the end of the agreement, the capital can be repaid by selling the property and any profits can be retained by the seller.

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. The risk-averse banking sector is no longer throwing money at house buyers and expects a buy to let the landlord take on the bulk of liability. This means that if you are going into the letting business, you need to make sure you have a viable business plan. Are you 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 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.

As a landlord, you will have responsibilities to the local authority as well as the bank; a rental property has to reach the 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.

If you are interested in our advice and services please get in contact with us to find out more.