Finding The Best Buy To Let Mortgage Deal For Your Circumstances
If you are looking for a Buy to Let mortgage, our team of expert advisors can help take the stress out of the process. Maybe you’re a first time buyer, maybe you have bad credit. Worse, maybe you’ve been declined from a high street bank already! Never fear; our friendly team are ready to step in, and find the mortgage deal you’ve been waiting for. Whatever your circumstances, we can assess the market on your behalf and find a lender more suited to your future plans. To us, nothing is more important than helping our clients achieve their mortgage against all the odds.
What is a Buy to Let mortgage?
A Buy to Let mortgage is a type of mortgage you can use to purchase an investment property that you intend to let out to tenants. Most Buy to Let mortgages are interest only, meaning the monthly mortgage payments only pay off the interest charges, not the original capital.
What deposit do I need for a Buy to Let mortgage?
Most lenders require a higher deposit for this type of mortgage than standard residential ones. This is typically 25% minimum, and is reflective of the higher risk these properties present to lenders. What this means is that you can get a loan for a maximum of 75% of the property’s value. If you don’t have a deposit of this size, you could consider saving up and holding off on the property search or contact our professional mortgage brokers. We have access to specialist lenders who may be willing to provide a loan at 80% Loan to Value. It should be noted, however, that these deals are usually reserved for those borrowers with previous landlord experience.
Maximise your chance of approval with specialist advice from an expert in Buy to Let Mortgages
What happens at the end of a Buy to Let mortgage if I pay interest only?
Most Buy to Let mortgages are interest only. That means at the end of your mortgage term, you still won’t have touched the original capital borrowed. As a result, you’ll need to find a way to repay this loan in full. You can make payments in addition to your interest only payments during the mortgage, so if you have done this there may be less to pay. Options for repaying the mortgage might include using funds from other investments, savings, or remortgaging the property.
What are the benefits of Buy to Let interest only mortgages?
The main reason why people choose Buy to Let interest only mortgages is that monthly payments are typically lower because you are only paying the interest on the loan in contrast to conventional repayment mortgages. For landlords, this can provide greater flexibility and even boost your tax efficiency, though the amount of tax you can save is changing.
Buy to Let mortgages FAQs.
Buy to Let Mortgage Calculator
Expert support for Buy to Let mortgages.
When the Bank Says No is a team of professional mortgage brokers with years of experience helping landlords access the right Buy to Let mortgage for them. We are specialists in helping supposedly ‘non-standard’ clients achieve the finance they need to buy their property, and never shy away from a challenge. Whether you have a small deposit, adverse credit, or a previous mortgage rejection on your hands, we’re ready to step in and guide you through the process.
Easy breezy Buy to Lets.
Buy to Lets can be a bit more confusing than your standard residential mortgage. If you have bad credit or are considering Buy to Let for the first time, you might be getting worried that your property owning dreams are out of reach. Don’t fret. Our friendly and approachable team of mortgage advisors are here for you – guiding, advising, reassuring. With us, you can proceed with your future plans – informed, confident, and with the right mortgage deal.
