Buy To Let

 

What is a Buy to Let mortgage?

If you either own or are looking to own a property and intend to let it out to paying tenants, then you will need a Buy to Let (BTL) mortgage. As with standard residential mortgages there are many options available to a perspective landlord with both ‘repayment’ and ‘interest only’ options potentially open to you. Lending will be based on rental calculations, so it is important that you can demonstrate adequate rental income for the mortgage value.

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Why should you use a mortgage adviser?

Regulation has tightened in the BTL sector significantly over the last few years, and as such there are far more specialist lenders in the market that are only accessible through mortgage intermediaries. Additionally, many lenders no longer provide options to ‘portfolio landlords’ (typically classed as those with 4 or more BTL properties) as regulation has made this a much more specialist area. By using a mortgage adviser, we will be able to search the market, find out which lender will fit your needs and complete the paperwork for you. Moving forwards we will also be able to manage your portfolio for you to ensure that you at no point move onto the standard variable rate (SVR) paying more interest than you need to.

How can our advisers help you? 

  • Professional and confidential advice
  • Dedicated mortgage adviser
  • Experienced BTL advisers and administrators
  • Robust mortgage review programme
  • Specialist landlords insurance 
  • Office appointments in York and London available

From searching for your first Buy to Let property, building your portfolio, or becoming a career landlord, speak to our specialist advisers today and learn how we can help you.

Your Questions Answered

How much can I borrow?

Mortgages are lent based on your affordability.  Lenders will judge your affordability based on your income (including commissions, bonuses and overtime), against your outgoings. Our advisers will assist and will be able to advise on which lenders affordability criteria you are most likely to meet.

What is an HMO?
A House in Multiple Occupation (HMO) is a property where there are a number of tenants who are not members of the same family such as students. A property is classed as an HMO if at least 3 tenants live there, forming more than one household and if toilet, bathroom or kitchen facilities are shared. Depending on the type of property and where it is, an HMO licence may be required - check with your local authority whether a property is deemed to be an HMO and whether a licence is required.

When it comes to getting a mortgage on  a property classed as an HMO, the choice of lenders will be limited but a Fenton Simpson adviser will be able to assist.
How much deposit will I need for a Buy to Let?
Ordinarily the highest LTV on a Buy to Let is 75%, as such you would require a 25% deposit. Some lenders do have BTL products requiring lower deposits, please contact us for details.
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