Buy To Let

Being a property investor and a landlord can reap financial rewards if you are experienced and you have the right financing in place. As mortgage brokers in London we are experts in finding you the buy to let mortgage deal that meets all your requirements. Whether you are just starting out and buying your first buy to let property in the capital or you need advice on re-mortgaging a series of properties onto better rates we can help.

London Buy To Let Mortgages

While Buy to Let mortgages are in many ways similar to standard residential mortgages there are some important differences you need to be aware of. As experts in financing landlords in London we can work with you to ensure you understand these differences and get the mortgage that works for you, your budget and your future plans as a landlord.

Buy to let mortgages (also known as BTL Mortgages) are different from a standard residential mortgage as most of them are interest only mortgages. This means that you only repay the interest accrued on the loan each month rather than the interest plus a portion of the sum borrowed to purchase the property. As you are only repaying the interest the monthly repayments tend to be a lot lower than a standard residential mortgage but at the end of the mortgage term you will have to repay the full amount, or as often happens get another mortgage on similar terms. It is also important to know that the interest rates on BTL mortgages do tend to be higher than on standard residential mortgages, as do the fees. This is why it is essential t get expert advice to ensure you have worked out all your numbers correctly and get the best BTL mortgage deal for your personal circumstances.

Buy To Let Mortgage Deposits

The deposit requirements for a buy to let mortgage in London are also different to residential mortgages. While currently you may be able to secure a mortgage with only a 5 per cent deposit for your home, a BTL property will require substantially more. Many Buy To Let mortgage providers require between 20 and 40 per cent deposit on the property purchase value before they will release the funds for your BTL property.

In addition to a larger deposit you will also have to meet the same criteria for standard mortgages when it comes to repayment history and having a well established and good credit score. If you currently own a property that you have a mortgage on and make regular on time payments to, or another buy to let property then that will strengthen your chances of getting a BTL mortgage. As will ensuring all your loans and credit card repayments are in good standing.

Getting a BTL Mortgage

Rosebank Mortgage Brokers know the BTL mortgage market inside out and can look at your personal circumstances and provide the best advice on the different buy to let mortgages available to you. Becoming a landlord or increasing your property portfolio is an exciting time if you get the right financing deals in place and the team at Rosebank Mortgage brokers can help you with that.