Repayment and Interest only rates for Buy to Let mortgages

Buy to Let Mortgage Advice (2)

Thinking of investing in the property market? Free Initial Buy to Let Mortgage Advice at The Mortgage Clinic

With savings interest rates so low many people are now looking to the Buy To Let market to make the most of their capital. The right investment could give you a gross return each year of 5-10% – well ahead of what any bank account could give.

One of the most important parts of making a Buy to Let venture successful is the choosing the correct mortgage advice. Like all property purchases, buying a property to let out carries risks. At The Mortgage Clinic we will help make you fully aware of the financial commitment you are making, and where the risks lie.

We DO NOT charge a fee for our initial mortgage advice!

A Buy to Let mortgage is different to a Residential mortgage, many lenders have different lending criteria which we will discuss during the planning consultation.

  • A larger deposit will be required, typically 25%.
  • Rental income must be enough to cover the mortgage interest payments and some costs. It is likely you will need a monthly rental amount of at least 125-145% of the mortgage payment.
  • Fees on a Buy to Let mortgage can be higher than a Residential mortgage.

Buy to Let Mortgage Advice

 

Before you even start viewing prospective properties come to see us at The Mortgage Clinic where we can guide you through the process during a Free Buy to Let Mortgage Planning Consultation.

No need for you to check all the banks and building societies yourself – we can do this for you, all under one roof! Because we work with all the major UK lenders, as well as the local ones, you can be sure of independent mortgage advice, best suited to your needs. Each lender has their own lending criteria but our expert knowledge will make sure we find a solution that is matched to your own specific circumstances.

We will review your credit report which is the first hurdle to get through when you’re borrowing money of any description – whether it’s a mortgage, credit card or personal loan.

We will gain a mortgage ‘Agreement in Principle’ for you so you can be sure you can get the mortgage you require.

You will leave the Planning Consultation knowing how much you can borrow, how much it is likely to cost and what documents you need to start gathering together –  ready to find your new investment property!

And then what happens?

  1. You view the properties you’re interested in, within the budget we have agreed. The selling estate agent should be able to guide you on what level of rental income you could expect to get
  2. Have a bid accepted and get your property ‘sale agreed’
  3. We check again for the best mortgage deal that’s right for your circumstances
  4. We complete your mortgage application
  5. Property valuation is carried out by the chosen mortgage lender
  6. The lender issues a mortgage offer
  7. In the meantime your solicitor will have been working in the background making the necessary checks etc
  8. Completion date agreed
  9. Collect your keys and get ready to find a tenant for your new property

Click here to book your Free Buy to Let Mortgage Planning Consultation.

Buy to let mortgages are not regulated by the Financial Conduct Authority

Your first meeting is FREE of charge. If you instruct us to work on your behalf there will usually be a research and implementation fee.  The actual amount you pay will depend upon your individual circumstances but a typical fee is £250 and this is payable when you instruct us.