Our Customers rate us 4.6 out of 5
Specialist Buy to Let mortgage advisors.
Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.
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Commercial Mortgages
Are you looking for a commercial mortgage with a low credit score? Our dedicated team of expert mortgage advisors is ready to help you
Buy To Sell Mortgages
Looking to get Short-term mortgages for property investors? Our mortgage advisors are here to help you secure the right product for your needs.
Buy To Let Mortgages
Are you looking for mortgage lenders, but have a low credit score? Our team of specialist mortgage advisors are here to show you what can be done.
Advice For Low Credit Mortgages
Feeling low about your low credit score? The right mortgage for you is just around the corner. Our expert advisors are here to help you find it.
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 to earn a rental income. Most Buy to Let mortgages are interest only, meaning the monthly mortgage payments only pay off the interest charges, not the original capital.
Easy breezy Buy to Lets.
Buy to Lets can be a bit more confusing than standard residential mortgages. 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.
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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!
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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 BTL mortgage 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 happens at the end of a Buy to Let mortgage if I pay interest only?
Most Buy to Let mortgages are interest only with the expectation that this will be covered by the expected rental income. That means at the end of your mortgage term, you still won’t have touched the original capital amount borrowed. As a result, you’ll need to find a way to repay this loan in full.
You can make mortgage repayments in addition to your interest only payments during the mortgage term, so if you have done this there may be less to pay. Options for repaying the mortgage might include using funds from personal income, other investments, savings, or remortgaging the property.
Turning Your Nightmares Into Dreams Realised
When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.
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 income tax and capital gains tax you can save is changing.
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 BTL lenders who may be willing to provide a loan at 80% Loan to Value. It should be noted, however, that these mortgage deals typically come with higher interest rates and are usually reserved for those borrowers with previous landlord experience.
Frequently Asked Questions
Why should I choose interest only for my Buy to Let mortgage?
A Buy to Let interest only mortgage can free up your monthly finances to invest, complete renovation work on your rental property, and even borrow more money and buy a larger property in the first place. This can increase the amount you can charge for rent.
If you don’t like the idea of not repaying your mortgage by a set date, you might want to look at a repayment Buy to Let instead. Talk to our team of mortgage advisors and we can discuss the best type of mortgage for your circumstances and future plans.
Can I get a Buy to Let mortgage with bad credit?
Yes! Though bad credit is never ideal, there are specialist lenders who will approve Buy to Let mortgages even if the borrower has a poor credit history. There might be fewer options than if your credit score was high, but that’s not to say you won’t find a suitable deal. If you want to discuss your credit situation and get the advice you need to proceed with confidence, talk to us today.
Can I live in my Buy to Let property?
No, you cannot usually live in a residential property you have purchased with a Buy to Let mortgage. This would be considered fraud because it is a serious breach of the terms of your mortgage.
If you want to buy a property to live in, your best bet is to take out a standard residential mortgage. If you already have a Buy to Let mortgage but now want to move in to your property, you should consider remortgaging instead. Our friendly advisors can help you with this process – talk to us today!
Can my son or daughter live in my Buy to Let property?
Can I get a first time buyer Buy to Let?
Expert support for Buy to Let mortgages.
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
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