Buy to Let
Buy to Let Mortgage
Are you considering property as your next investment? With a wealth of experience, Journey Mortgages can help you with your next big investment.
Becoming a first-time landlord, you will need to be aware of the various legislations that are applicable to you. We are here to guide you through the process.
What is a Buy-to-Let Mortgage?
A Buy-to-Let mortgage is for buyers who want to purchase a property with the view to renting it out. The mortgages are usually interest only and a Buy-to-Let Mortgage may require a larger deposit than standard mortgages.
Buy-to-Let mortgages are popular amongst investors as they offer the potential to bring in an attractive annual income, as well as the property itself perhaps growing in value over time. However, Buy-to-Let mortgages can be complicated so, if this is the first time that you are going to apply for one, or if you already have a Buy-to-Let portfolio, then understanding what types of mortgages are available, and the relevant legislation, is going to form a major part of your decision-making process. But, to decipher and digest what some of the Buy-to-Let jargon and legislation means (and keep up to date with it) can be overwhelming for new and existing buyers – it can mean days and weeks of research to get a better understanding of your responsibilities as a buyer.
This is where Journey Mortgages can help you. Would you like to learn more about Buy-to-Let mortgages? We have industry knowledge and experience, and a good grasp of the legislations involved so that we help you understand the mortgage products better as well as your responsibilities as a buyer. Contact us today for some friendly advice. We are on hand to assist and, as an independent mortgage broker, we have access to a comprehensive market, and can offer you competitive rates.
We are here to assist you with advice. We can even look at a rate that you have been currently offered to see if we can provide something more affordable, or in line with your financial goals.
A Buy-To-Let (BTL) is a mortgage on a property that you rent out, i.e. not your main residence.
There are many types of BTL mortgages available from company limited BTL to HMOs. Each with varying rates of interest. If you are thinking of investing in the property market and don’t know where to start, come and speak to Journey Mortgages who have extensive experience in the BTL arena.
Personally, you can have as many as you like. From a lenders’ perspective, some lenders will have caps placed on the amount of BTLs you have, before declining to lend. Then there are lenders that do not have any such caps, allowing an individual to own as many BTLS as they choose. As always, interest rates will vary, and criteria’s will be different depending on the amount you have.
If you were to let out your existing property and you had a residential mortgage, you will need to obtain a consent to lease from your mortgage provider, giving you permission to do so. Once you have this, you will be able to rent out your property, then once the mortgage is up for review, we will assist you in moving it over onto a buy to let mortgage.
In certain circumstances you will be able to obtain a buy to let mortgage, for example, if you do not own your own home, then inherited a property from a family member, you will be able to get a buy to let mortgage on it. We have several first hand experiences in dealing with these cases, so get in touch to find out the best options available to for you.
Yes you can, but you have to remember, the less deposit you put it in, the higher the rate of interest you will pay. Also, it is important to mention, that the rental calculations will also need to be met, in order to get a buy to let mortgage.