Buy To Let Mortgages in Peterborough

Are you looking for a Buy To Let Mortgage in Peterborough? You’ve ended up in the right place. Talk Mortgage Broker Peterborough is one of Peterborough’s leading Mortgage Brokers, and we are here to help provide you with the best options for you.

What is a Buy to Let mortgage?

A Buy to Let mortgage (BTL) is a loan to buy a property that you will rent. If you’re letting a residential property you don’t own outright, you must apply for a Buy to Let mortgage. Letting under a standard mortgage is a breach of your contract, as it usually states that you must live in the property. There are usually two types of Buy To Let Mortgages, a Repayment Mortgage or an Interest Only Mortgage.

Do I qualify for a Buy To Let Mortgage?

Your age
Most lenders will require you to be 21 or over to apply for a buy-to-let mortgage. Bear in mind that you’ll usually need a good credit score.

Your income
Some lenders will require a minimum income for a buy-to-let mortgage. Usually, the minimum you need to earn is around £25,000, especially if you’re a first-time landlord.

Most lenders will ask for a 25% deposit for a buy-to-let mortgage. But this can vary, as some lenders may ask for a higher amount (sometimes even up to 40%).

Borrowing history
Lenders will look at your credit history to check you’re a reliable borrower. If you have a poor credit history, consider improving your score first.

How much deposit will I need for a Buy to Let mortgage?

To buy a property to let, you will usually need a larger deposit than for a residential mortgage, typically between 20% and 40%. That means the loan-to-value (LTV) mortgage lenders are looking for is between 60% and 80%.

What are the tax implications of owning a Buy to Let?

Running a Buy-to-Let property means you must complete an annual tax return by Self-Assessment. Buy to Let is less tax efficient today than it once was. 

A further tax-related concern is that if you sell your rental property, it will be subject to Capital Gains Tax. You will also be eligible for additional stamp duty: a Buy to Let property costs an extra 3% in duty. It’s essential to seek professional financial advice about the tax benefits and implications – and we can help you with that.

How can Talk Mortgage Broker Peterborough help me with my Buy To Let Mortgage?

Our experienced mortgage brokers will provide you with fully regulated mortgage advice by the most suitable means, whether in person or on the telephone. Openwork’s compliance departments frequently monitor our shared advice to ensure that our brokers deliver the most appropriate advice for every client.

Talk Mortgage Broker has your best interests at heart. Our mortgage brokers will search hundreds of deals from lenders across the country, looking for great rates and exclusive offers whilst also taking into account your financial situation as well as the reliability and reputation of the lender.

Who is Talk Mortgage Broker Peterborough?

At Talk Mortgage Broker Peterborough, we aim to provide you, the customer, with no obligation and helpful advice concerning your mortgage needs. The journey begins with a no-obligation consultation with one of our advisors, who specialise in comparing hundreds of deals to meet the needs of each individual client. Our brokers will assist you with finding the perfect mortgage and applying for it, and then there to congratulate you at the end of the process. Advisors at Talk Mortgage Broker are there for new homeowners, existing ones, those looking to reduce their monthly spending, and professional investors.

Getting the most valuable deal with a buy to let mortgage involves a fair bit of research and comparison. Talk Mortgage Peterborough will do all the legwork for you – we explore your specific situation and find good value deals to meet your needs. We’ll look at rates, fees and criteria to recommend a suitable first buyer mortgage deal.

Contact us today for advice and recommendations on your Buy To Let mortgage options.

Because we play by the book, we want to tell you that… Your home may be repossessed if you do not keep up with repayments on your mortgage.