Buy
to Let Mortgage Brokers
With
over 40 UK buy to let mortgage lenders offering hundreds of buy to let mortgage
deals, entering the buy to let mortgage market and becoming a landlord can be
a daunting prospect. That's why it's important to find an independent mortgage
broker who can help you find the right buy to let mortgage deal.
Independent
Mortgage Brokers
An
independent buy to let mortgage broker will also be able to advise on the type
of buy to let mortgage most suitable for you, depending on your circumstances
and future plans.
If
you plan on using the properties as a pension plan, or just want small property
portfolio, then a repayment buy to let mortgage could be suitable as you can plan
to repay it at the end of the term.
On
the other hand, an interest-only buy to let mortgage suits the kind of investor
who plans on building a portfolio buy by allowing them to re-gear their property
capital a number of times.
Talk
to your mortgage broker to discuss the right buy to let mortgage repayment option
for your circumstances. A good buy to let mortgage broker will look at your circumstances
and calculate the best buy to let mortgage deal for you.
Buy
to Let Mortgage Applications
As
buy to let mortgages are very different to residential mortgages, an independent
mortgage broker such as Mortgages for Business can help steer you through the
maze of mortgage deals.
Buy
to let mortgages are worked out by applying a rent-to-interest cover calculation,
where the applicant must prove that the rental income will cover the interest
on the buy to let mortgage. As a rough guide, the monthly rental needs to be between
125% and 150% of the monthly interest payments.
Because
of this, you'll almost certainly need help when submitting your buy to let mortgage
application, which is where an independent mortgage broker can also help.
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