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If you are serious about starting the Buy to Let Mortgage Approval process - give us a call on the number below and we'll be happy to help guide you through the process. We don't charge up-front fees and all calls are confidential.
Different Buy to Let Mortgage Lenders offer different maximum loan amounts. Here's how you should do your research.
This is your quick go-to guide for everything you need to know about the Buy to Let mortgage application process.
Getting your documents together at the start of your Buy to Let mortgage application will really speed things up for you. Here's a handy list.
Yes you can. When applying for a Buy to Let mortgage (with a poor credit history) the rule of thumb is - nothing within the last 3 months. Anything outside of that and you have options.
County Court Judgements (CCJ)
Pay Day Loans
IVA (Individual Voluntary Arrangement)
DMP (Debt Management Plan)
If you have had any or all of the above and want to buy a house under the Governments Help to Buy scheme, give us a call to help you arrange your mortgage.
If you are looking to buy a property with the intention of letting it out, and you don't have the funds to buy it outright, you're going to need a Buy to Let mortgage. You can borrow a maximum of 80% of the value of the property you are looking to buy. Therefore, if you are buying for £250,000, you can raise £200,000 with a Buy to Let mortgage and your deposit would be £50,000.
Buy to Let mortgage lenders regulate how much they are prepared to lend by using rental affordability calculators. If you are a lower rate tax payer the amount of monthly rental income, the above property would need to achieve, would be £1,000. If you are a higher rate tax payer the rental income would need to be £1,200. This is due to the changes in mortgage interest tax relief from residential property income.
The vast majority of Buy to Let mortgages will require you to have tenants in the property on a 6-month Assured Tenancy Agreement. It is your responsibility to ensure that the rents are paid and any shortfalls, or non payments, are your responsibility.
The key points:
20% - Min. deposit required
Interest Only Acceptable
Can be used towards retirement planning
Excellent returns on investment
Finding the right Buy to Let property can be the difference between making or losing money. If you are new to the Buy to Let world it advisable to go for a newer, low maintenance property. Older properties (100yrs+) may look the part, but they tend to go wrong, which is costly.
Look for low maintenance properties
Find somewhere near to local amenities
2-3 Bed houses rent well to families
Flats can be problematic
Buy to Let mortgage lending is less strict than residential lending because the emphasis is on the rental income the property will receive - rather than a multiple of your annual income.
There are options for most circumstances out there and we have access to Buy to Let mortgage lenders who have no minimum income requirements.
Here's the right process to follow when applying for your Buy to Let mortgage:
Research the area you are interest in
Carry out your rental affordability calculations or speak to a qualified mortgage advisor
Find a property that meets your criteria
Find a solicitor to deal with the conveyancing (we can recommend one)
Submit your mortgage application.
Start the process of finding a tenant
Mortgage offer issued (approx. 14 days after application)
Exchange and complete
Tenants move in
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