Buy to Let Mortgages
Buy to Let Mortgages and Remortgages
UK Buy-to-Let mortgages arranged over the phone or face-to face in the South of England.
No Broker Fees for Buy-to-Let mortgages arranged by Impartial.*
If you have a question about and existing buy-to-let or if you are thinking of a new buy-to-let mortgage feel free to contact us.
We arrange mortgages for first time landlords to experienced landlords with buy-to-let portfolios.
Every buy-to-let mortgage lender has a different lending criteria for cases they will accept. Why search the whole market yourself when we can tell you in a few minutes if the property is likely to be acceptable?
Purchase buy-to-let mortgages and remortgages arranged.
We advise and recommend on a comprehensive range of mortgages from across the market.
Buy to Let & Buy to Let Mortgages
Buy to let mortgages (BTL) are offered by most mortgage lenders. You need to consider most of the same things you do when choosing a mortgage for your main home
Residential mortgages are, more often than not recommended on a full capital and repayment basis, as it is the only guaranteed way for a mortgage to be cleared at the end of the term. As a buy to let mortgage is considered an investment, the repayment method is not as crucial but it is however a very important part of the decision making process.
The obvious advantage of a repayment mortgage is that the property will be all yours when you come to end of the mortgage term. Alternatively, you may need to sell the property at the end of the mortgage term if no repayment method has been arranged. Your mortgage payments will be higher than an interest only mortgage so you will need to do your sums.
Your buy to let mortgage interest payments can be deducted from rental income for tax purposes. However, if you have a repayment mortgage, any capital payments can't be offset.
Over the past few years most lenders have insisted on a level of income being confirmed by the borrower even though they will normally lend based on the rental value. This is because tenants cannot always be guaranteed and if you have no income with a mortgage to pay, you are likely to struggle financially.
Most buy to let mortgage lenders have different calculators when assessing how much they will lend for a buy to let mortgage. It is common that the expected rental income would need to be higher than the buy to let mortgage repayments by a certain percentage. For example, your mortgage lender may require a rental income of 125% of your monthly mortgage payments.
You would normally need a larger deposit than a normal residential mortgage. Most lenders require a minimum deposit of 25% of the property's value. Loans can be arranged with a lower deposit but the rates available are likely to be significantly higher and there are fewer deals available.
Tips for Buy to Let
- Before venturing into buy to let, you need to ensure that you do your research. Planning is crucial. You should research potential tenants and ensure that people will want to rent the property. Sometimes, simply asking the Estate Agent or local agents what the potential rental value would be can avoid disappointment later.
- After you have completed your research, you need to research locations as well. Finding the property suitable for a buy to let doesn't mean that the location is also suitable. When searching for the ideal locations, look in the areas that have high business traffic, universities, shopping, schools and hospitals. These are normally the most popular areas for people wanting to rent properties.
- When investing in your buy to let properties, ensure that you keep the future tenants in mind. Buy properties that are versatile and will meet their needs. Again, this is another area that you will need to do some research. When shopping around you could call some letting agents as if you were a potential tenant and have them give some information.
- It may sound obvious but always negotiate the price down rather than offering at the asking price. You shouldn't be buying with the same emotional attachment that you would if this were your main home. If the price isn't right then walk away..
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Some of the products and services shown are not or may not be regulated by the Financial Conduct Authority.
*We do not normally charge a fee for mortgage advice, however this will be dependent on your circumstances. If a fee is charged our typical fee is £200.
Some of the services and products shown are not or may not be regulated by the Financial Conduct Authority
As a mortgage broker, Impartial receives a fee from mortgage lenders, which is normally a small percentage of the loan we arrange. Where we arrange mortgages from £100,000 upwards we do not normally charge a fee. For mortgages under £100,000 we will charge minimum fee of £200, this fee is payable on application.