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Our great relationships with our lenders means we have access to a multitude of buy to let mortgage deals, including exclusives.
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Buy to let mortgages are ideal for those looking for an additional income, a nest egg for retirement or a business opportunity as a landlord. A Buy to let mortgage is now viewed as a long-term investment, rather than a short-term one, which could prove to be very profitable.
In comparison to a residential mortgage, the most noticeable difference with a buy to let mortgage is that the loan provider (or lender) assess the potential rent as the primary source of income, unlike a typical mortgage where it’s assessed against your salary and earnings.
Nowadays, due to the fluctuation of the property market and cost of house prices, more and more of us are looking to rent. If you have found the ideal property, in a good location, renting it out with a buy to let mortgage could be a sure-fire way of generating profit whilst covering your mortgage repayments.
The first point of call for a buy to let mortgage is for the lender to perform a Rent to Interest (RTI) calculation to check that you can obtain enough rental income from the property to cover the interest on the mortgage. The RTI amount will vary, depending on the lender, but the rental income is typically between 125% and 130% of the monthly mortgage repayment. Obviously, like any mortgage, you’ll be required to put down a deposit of at least 15%.
Each individual’s circumstances and property will be different. Therefore, each buy to let mortgage deal will differ. You may need to secure an existing property or asset against your new buy to let loan. Whether you choose to go down the repayment route or interest only route will depend on your own strategy. Professional landlords tend to opt for interest only buy to let mortgages because they have lower monthly payments and are tax efficient. Whereas the repayment route is more suited to those looking for a long-term investment in which the full debt is repaid at the end of the mortgage term.
Yes, if your plan is to buy a property and rent it out, you will need a buy to let mortgage.
There is a demand from tenants, who can’t afford deposits for a home, for rental property. Although there are no guarantees that house prices will rise, a second property to let to tenants is likely to benefit you financially over time.
The process of securing a buy to let mortgage, and choosing the right mortgage deal, requires a lot of research, we appreciate that. That’s why, here at MortgageKey, our industry experts take the time to compare and search through thousands of buy to let deals from leading providers to present you with the options they believe are right for you and your property.
There are a range of factors you need to consider when thinking about buy to let mortgages. Rental income, maintenance, safety checks, rental insurance and stamp duty are just a few. Ensure you budget for these inevitable circumstances, as part of your planning process.
Firstly, there is no obligation, or fees, for our friendly advice or quotes. Secondly, you can benefit from our years of experience and lasting relationships with a comprehensive range of lenders. Finally, our expertise and knowledge with help you to familiarise with even the most complex mortgage procedures.
Relieving you of the stress and complexities of buy to let mortgages is high on our agenda. We have the people in place to do the hard work for you. The constant changes in our industry mean we always have our finger on the pulse, keeping you are as up-to-date as possible so that you can make the right decision.
By keeping a close eye on the market, and through regular activity with our lenders, we are perfectly poised to identify which providers are best suited to your individual circumstances.
Our mortgage advisors are available Mon-Fri from 9am to 8pm, giving you plenty of opportunity to seek a quick overview of what your mortgage deal could potentially look like.
A dedicated team of mortgage experts will answer your questions, queries and provide quality advice for your personal circumstances and the specific mortgage product suited to you.
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