All Circumstances Considered including Buy-to-let for those with adverse or bad credit.
Buy to let or BTL mortgages are for those who aren’t living in the property as their primary residence but are renting it out to provide investment income.
There are only a limited number of lenders operating in this sector & those that do will typically lend to a maximum of 80% of the property value (80% LTV) with the remainder coming from the borrower in the form of their deposit.
So long as the potential rental income exceeds the mortgage payment by 25% (e.g. £500pcm rental on a property with a £400 mortgage repayment) then the lenders generally regard it as self-funding rather than basing the assessment on client income & expenditure. Although lenders always reserve the right ultimately to take a closer look where perhaps they may feel clients are over committed.
Repayment terms can be on a repayment or interest only basis and as ever, we work hard to match your application with the best possible rate available.
A decision in principle can often be made within 10 minutes of initial application. (Fill in our quick quote form on the right or complete a full fact find form with no obligation)
A buy to let mortgage is a loan secured against a property rented out to tenants. This doesn’t mean lodgers in your own home but applies to properties not lived in by the owner.
For many people, a Buy-To-Let property portfolio is an attractive investment opportunity if they have the initial finance to cover deposits.
With the popularity of renting a home rather than buying, appealing to more & more people, buy to let Mortgages have become popular in recent years.
Many young people can’t step onto the property ladder as easily as before. Perhaps they need flexibility in their work or more likely can’t fund the initial deposit required for their own purchase.
Buy to let Mortgages are ideal for landlords who need to finance their investment opportunity and take advantage of the increasing rental market.
The affordability of a buy to let mortgage depends on various factors. Firstly the deposit is generally 20% minimum but a larger deposit can attract better interest rates. The property’s likely rental income needs to be assessed & confirmed by a surveyor. A prospective buy to let landlord needs to also assess the local marketplace & position the property accordingly. The type of property suitable for student accommodation is vastly different in location & fixtures than an executive home-from-home for example.
The process can take three to four weeks on average, depending on the borrower and the property in question. All applications can be fast tracked. The lender will also charge a fee on buy to let mortgages.
Existing landlords who already have properties on a buy to let can remortgage these to raise additional capital providing that there is sufficient equity to do so.
We can obtain a Decision In Principle within hours for you.
Complete our full Factfind document [download] and email it back to us at Martlandmortgages.com
We will then match your needs to the most appropriate lender & contact you with details of rates and fees once we have a Yes! Decision in Principle from a lender.
Decades of Mortgage Broking Experience to get you the mortgage you deserve
Call us today on 01704 808286 or complete our Factfind Application for a prompt response
Westminster Chambers • 106 Lord St Southport • Merseyside PR8 1LF
You may be required to pay a broking fee. The fee will depend on your circumstances, an indication is 2.5% of the loan subject to a minimum of £2800.
The overall cost for comparison is 4.6% APR but the actual rate available will depend upon your circumstances. Please ask for a personalised illustration.
Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.