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About Buy to Let Mortgages
UK investment mortgages have been designed specifically to help finance the purchase of a property you wish to let out, rather than live in yourself.
Buy-to-let mortgages are assessed on the rental income the property can produce instead of how much personal income you have. A lender will typically expect the rental income to be at least 25% more than the monthly mortgage payment on an interest only basis for it to pass the affordability test although this can vary from lender to lender.
Some lenders will also expect that a buy-to-let purchaser has a minimum level of personal income as a safety net in case there are rental voids. It is wise to consider setting aside some savings and/or take out insurance that can help you meet unforeseen problems and protect your investment.
Buy to let lending is high on many lenders agenda and there are a variety of landlord mortgage products available to suit most circumstances with more product launches and criteria
Connect Mortgages are specialists in buy to let property finance and we offer a range of services to meet all types of landlord requirements:
The First Time Landlord
If you are a first time buy to let investor, we can provide you with all you need to know about the range of buy to let mortgages available. Our free guide to buy to let helps you to understand how a buy to let mortgage works and our experienced advisers will take time to coach you on the lending options available specifically to you help you make a success of your first property investment.
If you are looking to raise the initial deposit funds from your own residential home, we will help guide you on the most cost efficient way to ensure these funds are there when you are ready to invest.
The Experienced Investor
If you already have a sizeable portfolio or are looking to grow your portfolio Connect Mortgage Experts will work with you as your financial partner. We will take time to discuss and understand your strategy whether you wish to invest for income, capital growth or both and timescales required.
Our knowledge and expertise will become your resource to help you finance more complex property investments, such as HMO properties, refurbishments and conversions, developments, auction property, commercial and semi commercial property, multiple flats on one title and also more specialised purchase structures including Limited Companies, Offshore Companies and Trusts.
Experienced landlords tell us they are seeking additional ways to fund purchases due to lending limitations imposed by lenders. Connect Mortgage Experts can offer such assistance and with access to a wide range of options via main stream Buy to Let lenders, commercial funding and specialist lenders, such that there is rarely a client that we cannot assist to grow their portfolio.
The Refurbishment Investor
Some investors have a clearly defined strategy of purchasing property in need of renovation to create immediate added capital value. If your strategy is to sell the property to take the profits, Connect Mortgage Experts can help with a wide range of short term funding solutions to fund the initial purchase and in some cases up to 100% of the costs of the works.
If your strategy is to keep the property to let it out, our experienced advisers will be able to guide you to lenders that will enable you to refinance to the full increased open market value of the property at the earliest opportunity, releasing funds to help investment in the next property.
The Accidental Landlord
In today’s society, many of us become landlords ‘accidently’. This can happen due to relationship breakdowns and the joint home needing to be let while finances are resolved or it can happen because we are keen to move more quickly than we are able to sell our existing property.
Whatever the reason for keeping your existing home and letting it out, Connect Mortgage Experts can help you explore letting options from your existing lender or refinance to a buy to let lender. We can then help you find the most suitable lender for your new home, one who will be prepared to consider your application even though you do not plan to sell your existing property.
For more information about any of these topics please contact us.
If you would like to find out what mortgage options are available to you please call one of our experienced mortgage advisers on 01708 676111, or send us a message using the form below.