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If you are thinking about buying a property to rent out to tenants then you need a Buy to Let Mortgage.
Buy to Let Mortgages work differently to your standard home owner mortgage. They require a higher deposit and normally come with higher interest rates. We would advise that you have a 25% deposit and a good credit rating before considering a Buy to Let Mortgage.
If you are new to the rental market or already have a rental property we can help you find the best Buy to Let Mortgage deals.
If you are considering a Buy to Let Mortgage you normally have to already own a home and will require a deposit of around 25% to be able to get good interest rates. if you have a good credit history this will make it easier.
Buy to Let Mortgages stamp duty rates are also slightly different to a residential property and would need to be factored into your budget.
Lenders look at the monthly rental income your property will generate rather than your income. Proof of another source of income will also be required though.
The rent charged will need to cover 125% of the monthly mortgage payment so if your rent was £500 your Buy to Let mortgage will be £400.
These factors will determine your budget and how much you can borrow.
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We have access to all lenders to ensure we can find you the best deal.
Our experts take care of everything for you from start to finish.
With years of experience we are a friendly voice in a stressful market.
When choosing a rental property, you need to think about the location, rental prices in the area and how easily it will attract tenants. You may need to invest in the property to bring it up to a standard that will meet the expectations for the rent you wish to charge.
We will advise you on all aspects of being a landlord to help keep your property occupied to ensure you make a good profit and to cover any periods where you have a gap between tenants. we can discuss if it is worth have a contingency to cover the times when it is not generating any rental income. We will of course discuss all aspects of insurance available.
There are regular gas safety checks and specific landlord insurance that you will need alongside any maintenance costs to cover we will be sure to factor this all into your rental costs.
Shoreline mortgages will help you to choose either an interest only or a repayment mortgage. The majority of Buy to Let Mortgages are interest only which does not decrease your debt. You will still need to repay the mortgage in full at the end of the term. If you choose an interest only mortgage you must have a plan in place on how you will pay back the loan. It is very risky to assume that selling the property will cover the debt.
A repayment mortgage in the form of a fixed or variable rate deal means that your tenants rent slowly pays off the loan.
We have access to the whole market making us the perfect solution for your mortgage requirements. Find out how we can help you by clicking on the services below.
Supporting first time buyers through the mortgage minefield to get them on the housing ladder with the best mortgage deal.
With years of experience in the financial industry we are perfectly placed to provide you with the best advice for a remortgage.
If you are thinking about buying a property to rent out to tenants then you need a Buy to Let Mortgage.
We are able to help you through the process of finding the right lender and providing the right information to get you a Military Mortgage.
The Right to Buy Scheme is a government initiative that helps social tenants in England to buy their home at a discounted rate.
We offer a free consultation so you can find out how we can help you.
We are authorised and regulated by the Financial Conduct Authority.
You will talk to the same advisor every time for a consistent and personal service.
With access to the whole market we are the perfect solution for your insurance, protection and finance requirements. Find out how we can help you by clicking on the services below.
Life Insurance provides some financial protection and peace of mind if the unexpected happens.
Income Protection is an insurance policy that ensures you are able to meet your financial commitments.
Critical Illness Cover is an insurance which pays out a lump sum (tax free) if you are diagnosed with a serious medical condition.
Commercial Finance covers a wide range of business financial products that include both short and long term solutions.
Thank you for reaching out!
If you’re an existing or new customer, you can reach me via phone at 01202 149 426 or email at this address james@themortgageexploer.co.uk
I look forward to assisting you!
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