Thinking of buying a rental property? Find out what you are likely to be able to borrow
If you are thinking of getting a Buy to Let mortgage and just want to talk to an adviser, please get in touch with us. One of our mortgage advisers will be happy to speak to you to discuss your options. Speaking to us does not mean that you have to use our services, although our services are completely FREE.
Ever North Limited is authorised and regulated by the Financial Conduct Authority (FCA), but the FCA does not regulate most Buy to Let mortgages.
As well as checking your rental income is sufficient, lenders will have other criteria you need to meet before they offer you a Buy to Let mortgage. Buy to Let mortgages can be more risky for lenders so they tend to have stricter eligibility requirements than for residential mortgages.
Before you apply for your Buy to Let mortgage, the first step is to find a property.
If this is your first investment property, then it would be wise to do some research before you start hunting for a house.
The 2 main things you should consider when you begin your property search are your budget and your location. Pick a location where the rental market is good, so that you will not suffer from vacant periods. Once you have zeroed in on your ideal location, look for properties within your budget. Often it is a good idea to look at estate agents’ website to get an idea of what is available in your chosen area.
Another thing to keep in mind is your location relative to your property’s. Choosing an area for your Buy to Let property which is far away from you is not a smart choice, as it will mean many long travels between your home and property if you need to do inspections or repairs. Having your buy to let property nearby will make life easier.
You can use the services of letting agents to rent out and maintain your Buy to Let property, but remember that you will need to pay them a fee, which will eat into your profits. Alternatively, you can use the ‘tenant finding’ services of a letting agent, where they will find a suitable tenant for you and take a one-off fee. The service usually includes advertising your property, vetting the tenants, setting up the contract and making an inventory.
While you could go directly to lenders for a Buy to Let mortgage, usually the best deals are available to the brokers. Lenders do not offer all deals to individuals. To that end, you could get a really lucrative Buy to Let mortgage deal if you made your application through a broker.
At Ever North Mortgages, we are experts at arranging Buy to Let mortgages and we don’t charge you a fee. We will get you the best deal that suits your unique financial circumstances. And the best part is that our services are completely free.