Get advice for buy to let mortgages.
If you’re looking to invest in a rental property but don’t have the cash to purchase one outright, then you’ll need a buy-to-let mortgage.
Whether you’re an experienced property investor or completely new to the process, I’ve got you covered. I can help you make the most of your investment by getting buy-to-let mortgages that suit your needs, your budget, and your goals. You’ll know exactly what steps to follow to get the job done.
If you’re not sure about the buy-to-let process, below are some useful answers to our FAQs.
For anymore support and advice, drop me a call today.
A buy-to-let mortgage is a type of loan specifically designed for individuals looking to purchase a property with the intent to rent it out. These mortgages generally have higher deposit requirements and interest rates compared to standard mortgages, as the lender considers rental income as well as the borrower’s personal income when assessing the loan application.
To be eligible, you must be able to prove that you have a sufficient income to cover both the mortgage payments and the cost of maintaining the property, and that you have enough savings or equity to make a down payment of at least 25% of the property’s value.
Additionally, you must have a good credit score, and you may be required to have experience as a landlord.
This will depend on your income, credit score, and the rental income that the property is expected to generate. Typically, lenders will allow you to borrow up to 75% of the property’s value, but this can vary depending on your circumstances.
Interest rates on buy-to-let mortgages tend to be higher than those on standard mortgages, as the lender is considered to be taking on a higher level of risk.
In addition to the mortgage payments, there are additional costs associated with a buy-to-let property. This includes property management fees, maintenance costs, and insurance.
It’s important to factor these costs into your budget when considering a buy-to-let mortgage to ensure that you’ll be able to make a profit from renting out the property.
Yes, you’ll need to have found a property before you apply for a buy-to-let mortgage.
If you want an idea on what you might be able to afford and what repayments might be ahead of finding a property, I can help you with this.
Yes, providing you plan to rent it out to tenants for the majority of the year. However, it’s important to keep in mind that you’ll need to prove that the property will generate enough rental income to cover the mortgage payments.
You’ll also need to prove and that you have enough savings or equity to make a down payment of at least 25% of the property’s value.
Some buy to let mortgages are not regulated by the Financial Conduct Authority.
With nearly a decade in the property industry, I’m passionate about making your dream home become a reality.
As a dedicated expert, I navigate the complexities of property buying, ensuring a stress-free experience and treating you with utmost integrity.
You will get friendly expert mortgage advice from Stratford’s Number 1 mortgage adviser
I will save you time and stress with my clear and simplistic approach
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You will secure the right mortgage for your circumstances
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