Buying and selling a home can be one of the most stressful things you can do in life, our advisors can help take a load off of your shoulders. We will search a number of lenders from across the market to make sure that you are getting the best deal on your mortgage product that suits you. We will check with your current mortgage lender to see if you can move your current loan and if so compare this to the rest of the market to see if this is the right thing for you. We will do all of the paperwork, and work with your selling and buying estate agents and solicitors to ensure a smooth and stress-free house moving process. If you don’t want to sell you home we can put a plan together for you to use your home as an investment for the future with a buy to let.
Since 2008 many people have left the buy to let market, there is still a place for serious people who want to make a buy to let work for them. You can not use a conventional mortgage for a buy to let property. A mortgage for rental property will typically have a much higher interest rate than a residential mortgage. This shows that banks are interested in serious investors who can put down a higher per cent of the value of the property. One aspect of the buy to let mortgage that might make life easier for the borrower is that the mortgages normally interest only. This means that instead of paying the interest and the value of the property each month, you only have to pay the interest on the property. The value of the property can then be paid back after the agreement has ended by selling the property and all the profits can be retained by the seller.
You will need a decent business plan as the bank will see you as a business partner, if you don’t have a good plan then your chances of getting a buy to let mortgage may be slim. If you need any help we can advise you on a business plan that can work for you.
Get in contact with us if you are interested in any of our help and advice.