Buy To Let Mortgage Broker London

The Potential For Passive Income, Long-Term Investment and a Comfortable & Rewarding Retirement

A buy to let mortgage allows you to buy a property in order to rent it out for others to live in.

More and more people are taking these out as forms of long term investment and there are plenty of competitive schemes for you to choose from.

However, each lender calculates the amount they will lend to you in a different way and has different lending rules.

Things to consider.

  • Usually you will be required to put down a deposit of 25% of the purchase price. But there is currently one lender where you only need 15% and there are some with 20%. The rent usually has to exceed a nominal interest rate, that varies between lenders, by 25%. The nominal rate that is used for rental coverage requirements by the lender is not the interest rate that is charged for the mortgage. The actual interest rate will be less or much less than the nominal rate.
  • You usually need to be in work either employed or self employed and in most cases be able to prove a minimum income of usually £25,000. For experienced landlords there are some lenders where proof of income is not required.
  • The property you are buying needs to be in a letable condition.
  • The property needs to satisfy the lender’s requirements in terms of property type and who the freeholder is.

London Mortgage Advice has many years experience in helping clients purchase investment properties. Because the requirements vary so much between lenders, it is recommended that you talk to us first about each property you are considering purchasing. In this way you will get the best deal and one that fits the situation.

For free, whole of market mortgage advice on buy to let properties, call us now on 020 8802 9030

London Mortgage Advice Ltd is authorized and regulated by the Financial Conduct Authority for residential mortgages and non investment insurance business.

Although London Mortgage Advice Ltd is regulated by FCA, commercial mortgages and most buy-to-let and offshore mortgages are not regulated by the FCA.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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