Buy To Let Mortgage Advisor
Trusted buy to let Mortgage Advisers
A buy to let mortgage (BLT) is different from a residential mortgage. It is based on a mortgage covered by rental income; it is specifically designed for those who want to buy property as an investment rather than a home. Rental properties are looked at different to regular mortgage payments buy to let mortgages are an investment.
Buy to let mortgages are a good option for experienced investors and homeowners who want to enter the rental property business. Buy to let mortgage and rental income go hand in hand, and this affects the monthly payments. Not only do you need to meet specific requirements for it, but there are also many different mortgage providers and types of buy-to-let mortgages to sift through.
Additionally, the 2020 tax reforms for landlords raise the question of whether or not buy-to-let mortgages are still financially feasible. Our mortgage advisors at “Mortgage Made Easy” can help you determine feasibility by providing you with all the knowledge you need to make an informed decision. We will help you find a mortgage provider and also work with you at comparing mortgages.
How do I remortgage my buy to let property?
When it comes to your mortgage application, you might not have to change your mortgage to sell to let, but you will need to get your mortgage advisers consent; this is important as it may affect interest rates, in turn affecting your mortgage payment. The responsibility you have changed as you become a landlord, but our team of mortgage advisers can help you with any special mortgage needs you have.
Find out more about buying a second home with stamp duty and other charges to consider when renting out a second home or holiday home. Please speak to one of our dedicated mortgage advisers today to find the best mortgage deal for you; we can use our mortgage calculator to help factor in your rental income, credit score and property value, all of which will be taken into account by the financial conduct authority.
How do I remortgage my buy to let property?
When it comes to your mortgage application, you might not have to change your mortgage to sell to let, but you will need to get your mortgage advisers consent; this is important as it may affect interest rates, in turn affecting your mortgage payment. The responsibility you have changed as you become a landlord, but our team of mortgage advisers can help you with any special mortgage needs you have.
Find out more about buying a second home with stamp duty and other charges to consider when renting out a second home or holiday home. Please speak to one of our dedicated mortgage advisers today to find the best mortgage deal for you; we can use our mortgage calculator to help factor in your rental income, credit score and property value, all of which will be taken into account by the financial conduct authority.
Book An Appointment With An Advisor Today
If you are looking for advice and guidance on mortgages and what it is you should be looking for, get in touch with our mortgage advisors to make an appointment today. We will help you in any way we can.
How do I get buy-to-let residential mortgages?
To qualify for a buy to let mortgage, you must meet specific criteria. You’ll usually need to own or sell the house. It can also be easier if you have a good credit history and not much outstanding debt. Depending on the minimum deposit required by the buy to let mortgage, projected rental income, purchase price and capital debt, this is how your mortgage rate will be determined by the financial conduct authority FCA.
Lenders also usually set a maximum age limit – you must never be over 70 or 75 when the mortgage period ends. This is to ensure that the mortgage term will be carried out. It is relatively common on most mortgage types, including residential property and BTL mortgages. Buy to let properties are a little more stringent on the stamp duty and fees, tend to be a little more based on multiple occupancies.
Buy To Let; Is It For Me?
Buy to let (BTL) mortgages facilitate property investors and private landlords who wish to buy a property to rent out to make a profit, like a business. The laws for buy to let mortgages are similar to traditional mortgages, but there are a few crucial distinctions. Here is a look at how to buy to let mortgages work and how to get started.
When house prices fall, mortgage rates change, which is no different when looking at BTL mortgages; mortgage terms can vary.
How It works
A buy-to-let mortgage facilitates those who want to buy property as an investment rather than a home. Lenders won’t allow you to purchase a buy to let using a standard residential mortgage.
Instead, they would recommend getting a buy-to-let mortgage designed for experienced homeowners who wish to invest their capital for a monthly return. These types of mortgages are also regulated by the financial authority and are dependant on income and how much deposit you put forward.
Interest Or Repayment
The majority of homeowners take out an interest-only mortgage for the property they have chosen. They pay the interest on the loan, usually from the rental proceeds they receive. The capital loan – the total value of the mortgage – is paid off via the sale of the property or by remortgaging the property and handing the asset down to a beneficiary. Most BTL mortgage options follow this pattern, and a letting agent would explain this to your tenant.
How To Get Started?
Buy-to-let mortgages are a good option for experienced investors and homeowners who want to enter the rental property business. However, not everyone is eligible for them: BTL mortgages are costlier than traditional mortgages and need deposits ranging from 25% to 40%.
The majority of homeowners take out an interest-only mortgage for the property they have chosen. They pay the interest on the loan, usually from the rental proceeds they receive. The capital loan – the total value of the mortgage – is paid off via the sale of the property or by remortgaging the property and handing the asset down to a beneficiary.
Would I Qualify?
You can qualify for a buy-to-let mortgage if you meet the following criteria:
- You are within the qualifying age bracket. Lenders usually have upper age caps at around 70 to 90 years old. That is the maximum age before the debt is paid off. For instance, if you take out a 20-year mortgage when you are 55, the loan will be paid off when you are 75.
- You are looking for a flat or house to invest in.
- You make more than £25,000 a year. If you make less than this, you can still get a buy-to-let mortgage approved, but you will have a limited number of lenders to choose from and rates may be higher, depending on your circumstances.
Would I Qualify?
You can qualify for a buy-to-let mortgage if you meet the following criteria:
- You are within the qualifying age bracket. Lenders usually have upper age caps at around 70 to 90 years old. That is the maximum age before the debt is paid off. For instance, if you take out a 20-year mortgage when you are 55, the loan will be paid off when you are 75.
- You are looking for a flat or house to invest in.
- You make more than £25,000 a year. If you make less than this, you can still get a buy-to-let mortgage approved, but you will have a limited number of lenders to choose from and rates may be higher, depending on your circumstances.
Make An Appointment Today
Get in touch with us today for all your buy-to-let mortgage advice needs; we are always on hand to help you find the best mortgage rates, minimum deposit, and best interest rates. Get in touch today for any other mortgage advice services such as; life cover, remortgaging and first-time buyer policies.
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