Getting a Mortgage When Self-Employed
If you’re self-employed and dreaming of buying a home, you might be wondering if getting a mortgage is even possible. With the increasing number of
6 July 2023
Buy to Let Mortgages
Buy to let mortgages can be a vital part of investing in property so it is important to understand how they work.
We are here to talk you through the process and help you understand your options.
Enter your details to talk through your options and find the right solution:
Where to start with buy to let mortgages?
We would start by having an initial discussion with you to fully establish your current circumstances and get an idea of what your goals are. This will help us establish which buy to let mortgages will best be suited to you.
What is a buy to let mortgage?
A buy to let mortgage is essentially a mortgage that is designed for the purpose of you letting the property out as opposed to a traditional mortgage that is for a primary residence.
What is the difference between a buy to let mortgage and a standard mortgage?
There are a few different ways in which a buy to let mortgage is different to a standard mortgage.
A buy to let mortgage is assessed in a different way to a standard mortgage and a large focus will be based around the value of the property and the amount of rent you would expect to receive.
Residential mortgages are based on affordability and your ability to make the monthly mortgage payments. A buy to let mortgage is assessed mostly on the rent that is going to be received from the property. Some lenders will have a minimum personal income requirement, but the overall application will not be assessed on personal affordability.
You will also normally need to provide a larger deposit for a buy to let mortgage. Typically, this is around 25% of the purchase price.
Most residential mortgages are on a capital & interest basis whereas the repayment for a buy to let mortgage will often be on an interest only basis. This means your monthly payments will only be servicing the interest payable and not the capital. They are available on a repayment basis also, but this is down to personal preference. We will be able to discuss this with you and find the right option for you.
How we can help with Buy to Let Mortgages?
We are not just here to help you with the mortgage, if you’re thinking of investing in property then we will be able to talk you through the full process.
We will talk through your plans and assess your personal circumstances in order to complete an initial assessment.
Once we have fully assessed your circumstances, we can complete our research finding out the maximum you can borrow, the type of interest rate you might expect and an idea of monthly costs.
With access to the whole of market we can compare lenders and find who will offer you the most suitable mortgage deal based on your personal circumstances.
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"Had a great experience with Tom!! It was my first time getting a mortgage and he made the process so easy! Would highly recommend"
James, Cornwall
"I wasn’t sure I would be able to get a mortgage, however 1 phone call with Tom and it was all sorted. Fast, efficient service with an even better outcome."
Arron, Plymouth
"Tom made the process of our first mortgage so easy, nothing was too much trouble for him. Thoroughly recommend him to anyone!"
Emily, Somerset
