Buy to Let

You don’t have to be mega rich to have other properties these days.

Whether you are thinking about taking the plunge with your first one or adding to your multi-million pound portfolio, we are experienced and knowledgeable when it comes to the ever changing buy to let market place.

We just love taking someone through this journey. Whether you want to generate a little more income each month or add to your retirement planning, we can help. We really get excited when someone is thinking of buying one property to rent out but we are able to show them the possibilities and they end up buying 2 or 3 or more!

The buy to let market has changed a lot though in recent years with tax changes, lender requirements and legislation. It is no longer as straight forward as it used to be so you need an expert to guide you through, and that is us!

FAQ’s

How much deposit do I need for a buy to let?

This really depends on the rental income these days, much more than it used to. Officially you could have as little as 20% deposit with some lenders but every lender will apply a “stress test” or a rental coverage calculation that might make it hard to actually achieve this. in some cases though it may possible, particularly with areas or properties that have a particularly good rental income compared to the purchase price.

Should I have a repayment or interest only mortgage?

A very popular question! And not one with a right answer really as it very much depends on your future aims and why you are looking at buy to let. Some people that just want one property may want to try and get the mortgage repaid by their retirement age. If you have multiple properties though this is unusual and it is more common to just pay the interest. After all, there are buy to let lenders with no maximum age out there so you could keep your mortgage much longer than you would on a residential property.

How much income do I need for a buy to let?

Probably less than you might think! Most lenders have a minimum income to do a buy to let which is usually around £25,000 per year. However, there are some that do not have this requirement and so will lend on lower incomes. For example, if you’re retired or even if your only income is from renting properties.

Am I too old for a mortgage?

Generally, no. There are lenders that will go far beyond retirement age for a buy to let mortgage so as long as the rental coverage calculation works then it is possible to get a mortgage later in life.

For more information please contact us

The Financial Conduct Authority does not regulate most Buy to Let Mortgages.

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