Are you looking for a Buy To Let Mortgage in Stamford? You’ve ended up in the right place. Talk Mortgage Broker Stamford is one of Stamford’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.
Who are Buy to Let mortgages for?
A buy-to-let mortgage is often an excellent option for someone looking to enter the rental property market. But whether it’s your first venture into property management or you’ve been building up a portfolio of rental properties, the right buy-to-let mortgage can unleash your investment potential.
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.
Deposit
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 can I borrow for a Buy to Let mortgage?
The amount you can borrow with a buy-to-let mortgage depends on how much you expect to earn in rental income. Typically, a lender will want to see a rental income that’s 20-30% more than your mortgage.
Buy to Let mortgage types
Start by deciding whether you want a repayment mortgage or an interest-only mortgage. With a repayment mortgage, you pay off both the interest and capital each month – meaning you’ll own the property at the end of the mortgage term. With an interest-only mortgage, you pay just the interest – keeping your monthly payments lower than a repayment mortgage – but you’ll have to pay off the capital in a lump sum at the end.
If you opt for an interest-only mortgage, lenders will be keen to understand how you intend to pay off the capital, for example, by selling the property or from regular savings or investments.
How can Talk Mortgage Broker Stamford 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 by 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 Stamford 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 Stamford?
At Talk Mortgage Broker Stamford, 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 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 and existing homeowners, 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.
