Easyswitch Mortgages - 08456 800898
Buy to Let Mortgages
Buy to Let Mortgages
These are a special type of mortgage made available to individuals (and companies) for the purchase of a second or subsequent property, normally for letting to other private individuals. Over £40bn* was borrowed in 2007 alone for the purpose of Property Investment, and that figure is only going to increase over the next few years. (*Source : Council of Mortgage Lender Website, 08/2008)
But whether you are looking to increase the size of your portfolio, or simply refinancing your current Buy To Let (BTL) facility, you may be looking to
Obtain a lower mortgage rate or a better overall dealBorrow more money to fund further BTL purchasesRelease funds for your personal useImprove your PropertyIf you are buying a property, you follow the normal process using a local estate agent or an on-line service such as Rightmove to identify the type of property you are looking to buy. Everything is the same as buying a normal property, however be mindful of the following :
Expected Rental Income for the propertyFreehold / Leasehold Property? - What are the service charges if a leasehold property?Larger Deposit required - Typically a minimum of 25% deposit requiredFor those of you looking to refinance your current Buy To Let properties, the process is similar to a normal remortgage but again consider the additional list of items above as they will influence both the amount and the rates available to you.
What Next?
Given the complexity of the Buy to Let Mortgages we strongly suggest you contact us to look at your available options BEFORE you put your offer to the Agent - we need to make sure you have considered all of the costs involved, that the rent is sufficient to cover the mortgage payment in line with lenders' requirements, and that the lender will provide you the mortgage needed.
Rental Income Cover - Most lenders will want a margin above the expected Rental Income, so that your mortgage is easily paid for, with extra funds left over to pay for any months you may not have any tenants.
Let to Buy Mortgages
A Let to Buy Mortgage allows you to convert your current home into a Buy to Let Property, and also to release additional monies to help with the purchase of another property (for example a new Residential Home).
Assessment will be similar to a Buy to Let Mortgage (Value of the property and a rental income assessment), but with many clients not able to sell their property but needing to move to a new home, a Let to Buy Mortgage may be a really good way of achieving your ambition.
Your property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
If you are considering any debt consolidation - Think carefully before securing other debts against your home.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
We normally do not charge any fees for our mortgage advice as the majority of mortgage lenders will pay us a procuration fee for our work. We do offer a fee-based service should you prefer, which will cost no more than 0.35% of the mortgage advance. Any mortgage procuration fee would then be rebated to you on completion. Some lenders do not pay a procuration fee, so we will need to charge you a flat fee for our advice and administration, typically £499. We also reserve the right to charge an administration fee for mortgage applications below £100,000, to ensure that we can earn a minimum of £500 from a combination of commission, fees and other income from a mortgage application. Please ask us for more details.
We can deal with our clients using our Online Mortgage Service, by telephone or face to face. By using our Online Mortgage Service you accept that our Independent Mortgage Advice is based upon the information you have provided us.
Easyswitch Mortgages and Easyswitch Insurance are trading names of Essex Mortgage Centre Limited. Essex Mortgage Centre Limited. Registered office : 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB. Company Registration Number 6009105, registered in England and Wales.
Essex Mortgage Centre Limited is an appointed representative of Mortgage Next Network Limited, which is authorised and regulated by the Financial Services Authority in respect of mortgage and insurance mediation activities only. Mortgage Next Network Limited is entered on the FSA register ( 300866)
Easyswitch Mortgages - 08456 800898
