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Buy To Let Mortgage Advisors

Our specialist buy to let mortgage advisors explore all of Your Mortgage Options and offer expert guidance to ensure that you get the most out of your investment.

If you’re thinking about becoming a landlord or perhaps adding to your property portfolio, securing the right buy to let mortgage is essential to maximising your investment. But the buy to let mortgage market is complex and there are so many options to choose between, which is why you need an advisor to point you in the right direction.

As well as finding and arranging your mortgage, our buy to let experts can offer you a wealth of advice when it comes to your investment. We guide you through the process and help you to avoid the pitfalls, maximising returns and minimising risk.

Being completely independent, we offer genuine, unbiased advice to help make your dreams of owning a rental property come to life. We’ll review your requirements and find the most suitable buy to let mortgage deal for you.

What is a Buy To Let Mortgage?

A buy to let mortgage is a mortgage specifically for those who are looking to buy a property as an investment and let it out, rather than to live in it themselves. Most lenders prefer you not to use a standard residential mortgage to finance your property if your plan is to rent it out. Buy to let mortgages are generally more expensive than normal mortgages and require larger deposits (between 25% and 40%).

Dissimilar to residential mortgages, most buy to let mortgages are arranged on an interest-only basis so you’ll only be paying the interest each month, not the mortgage itself. You’ll then pay back the actual mortgage amount at the end of the agreed term. Keeping the monthly repayments down is done to cover void periods or any unexpected costs. While they provide a great opportunity for investors, buy to let mortgages should only be taken out after impartial advice from an expert.

buy to let mortgage

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Benefits Of Speaking To A Buy To Let Mortgage Advisor

Whole of Market Access

With so many options available, only looking at deals from one lender means you’re unlikely to end up making the best possible choice. Our buy to let mortgage advisors have access to the whole of the market, including products not available from high street lenders.

We Are On Your Side

We work for you not the lender and will act solely in your best interests. You can therefore be confident that the buy to let mortgage we recommend will be the best available product to suit your circumstances as an investor.

We Do The Hard Work For You

At Your Mortgage Options we leave no stone unturned in our whole of market research when it comes to buy to let mortgages. We also handle the whole process end to end, including all the paperwork, solicitors and conveyancing.

We Consider Your Circumstances

We take the time to understand your individual circumstances. Whether this is your first investment property or you are adding to your portfolio, we’ll review your requirements and recommend the most suitable buy to let mortgage.

Buy To Let Mortgage FAQs

You’ll usually need a larger deposit for a buy to let mortgage than a residential mortgage. Many lenders will want at least a 25% deposit for buy to let, but as with any mortgage, the more you can put down the better the deal you are likely to be offered. For comparison, lenders will consider 10% or even 5% deposits for standard residential mortgages.

The required deposits are larger with buy to let mortgages to protect the lender in the event that the borrower defaults on the payments (often due to rent collection issues).

When purchasing a buy to let property, there are a number of other costs that you’ll need to factor in as well as your deposit and monthly interest payments. These include (but are not limited to):

  • Stamp duty
  • Surveyors fees
  • Tax on rental income
  • Rent insurance (optional)
  • Letting agent fees (optional)
  • Property maintenance and repairs

Our specialist buy to let mortgage advisors will be able to talk you through all of the additional costs that you’ll need to budget for. Based on these and your current financial situation, we’ll recommend the best route forwards for your buy to let investment.

Applying for a buy to let mortgage is similar to applying for a regular mortgage, in that you’ll need to be confident that you are eligible before you approach a lender for an offer. Speaking to a professional and qualified mortgage advisor is the best way to ensure this and avoid any mistakes.

The lender will want evidence of how much income you receive from your salary (if you are employed), or your profits and takings (if you are self employed). You’ll also need to provide information on your outgoings including any debts, so that the lender can get an accurate picture of your finances. Your mortgage advisor will be able to advise and help you put together the requisite paperwork to demonstrate to the lender that you are eligible for a buy to let mortgage.

In order for the lender to be confident that you can repay what you borrow, there are a number of criteria that you’ll need to meet before you get accepted for a buy to let mortgage.

Firstly, they will look at your income including your salary and how much you’re expected to make on rent from your investment. If your salary is under £25,000 you will struggle to find a lender who will consider your case, especially as a first time investor. Lenders need to be sure that even during void periods with no rental income, that you will have enough to cover your payments.

Your age is also an eligibility factor that will be considered. Legally you need to be at least 18 to apply for a buy to let mortgage, but most lenders prefer borrowers to be over 21 (or even over 25). At the other end of the spectrum, you’ll struggle to get a buy to let mortgage if you are over the age of 75, although a small number of lenders have no upper age limit.

Other factors about the property will also be taken into account when determining eligibility for a buy to let mortgage. If it’s a standard brick and mortar home, this is looked at more favourably than listed buildings or properties with thatched roofs, or timber frame constructions. Additionally, your options might be more limited if you’re investing in student accommodation or a HMO (House of Multiple Occupancy) as these are sometimes seen as more risky.

Request a call back from one of our expert advisors if you have any questions about your eligibility for a buy to let mortgage.

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