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The FCA does not regulate some forms of Buy to Lets. Think carefully before securing other debts against your home/property.
Rising property values and a booming lettings market has meant that many lenders have developed mortgage deals tailored to the needs of would-be landlords. For investors seeking rental yield or capital growth, property has proved a good investment at a time when returns on other types of asset have been comparatively low. Landlords can buy property in their own name or through a limited company.
When looking for a buy-to-let mortgage, there is a principle to be met. Lenders will generally require you to already be owning a property with an outstanding mortgage. Other conditions include annual income, age and credit rating. As a qualified expert, I can discuss your plans and find the most appropriate way forward.
This will depend on the value of the property you plan to buy and how much rental income you are aiming to receive. Commonly, lenders wish for your rental income to be 25-30% higher than your mortgage payment.
If you are unsure of what the rental cost of the property will be, talking to an estate agent could be beneficial. This will help you to compare the prices of other rented properties within the local area.
To progress with a buy-to-let mortgage, I will support you in finding the most suitable solution for your requirements.
YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
There may be a fee for mortgage advice. The precise amount will depend on your circumstances and will be agreed with you before proceeding, but estimate this to be £199.
The Financial Conduct Authority does not regulate some forms of buy to lets.
The guidance and/or information contained within this website is subject to UK regulatory regime and is therefore targeted at consumers based in the UK
Tania Prendergast trading as Tania Mortgages is an Appointed Representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.
Part of the HLPartnership Mortgage & Protection Network