What is a Buy to Let Mortgage?
These are mortgages designed for people who wish to purchase a property with the sole intention of renting it out. These types of mortgages are ideal if you wish to become a landlord and invest your money in property, alternatively if you are already a home owner and wish to travel but don’t want to sell your home, then you might want to consider a buy to let re-mortgage.
With more people investing their money in bricks and mortar, the current lenders are constantly developing new products and deals to suit individual client’s needs, whether you are a first time landlord or seasoned portfolio owner. Here at JF Financial Associates we have experts on hand to advise you on what mortgage best suits your situation.
Why use a Broker for Buy to Let Mortgages?
There are many things to consider before getting a Buy to Let mortgage like the amount of rental income needed to justify the mortgage required, the maximum loan available based on the rental income and the deposits that will be required to make up the difference.
Other things that are important to consider are things like conveyancing costs, if a salaried income is required as part of the buy to let application, the mortgage arrangement fees and other running costs of the property.
Thought should also be given to the Buy to Let Capital Gains tax when selling your property for a profit, planning financially for times when you don’t have a tenant, assuming the sale of the property will clear the mortgage and even the specialist insurance you will require.
Most lenders require a deposit of approximately 20% to 25%, with the maximum loan amount being linked to your monthly rental yield. Also, you may struggle if you aren’t already a property owner or are currently unemployed; however we have the knowledge to help you.
Our Buy to Let Mortgage specialists are on hand to offer guidance and answer to these and any other question you may have. They will take the hard work out of finding the best deal for you, and will meticulously search through all the lenders available until the right one is found just for you.
So, if you are looking for your first Buy to Let property, want to add another to your current portfolio or remortgage a Buy to Let property you currently own, please call an experienced Buy to Let Mortgage broker in Norwich today on 0345 508 8588
JF Financial Associates will never sell you something you don’t want. We offer advice on what you need!
PLEASE NOTE – Some buy to let mortgages are not regulated by the FCA.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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