When you want a buy to let mortgage we will be able to source a bunch of lenders and we will be able to compare products to ensure that you will have the best deal possible that suits your individual circumstances. We understand that investors need to maximise on income and ensure the right product to help grow your investment portfolio. Our advisors will understand your needs and whether you are looking at a one-time investment, or to build up a portfolio of properties. When you purchase a property that you intend to let to someone else you can’t use a conventional mortgage you have to have a buy to let mortgage, these typically have a higher interest rate than a residential mortgage, this means that banks are interested in serious investors who can put down a higher percentage of the value of the property. A good feature to a buy to let mortgage that makes life easier for the purchaser is that the buy to let mortgages normally interest only. This means that each monthly repayment covers the cost of the interest payment and not the capital loan. At the end of the agreement, the capital can be repaid by selling the property and the seller can retain any profits.
The bank sees the borrower as a business partner, one of which they hope will be fit and healthy by the end of the agreement. When you are looking to get into the letting business you need to have in mind what type of people you are going to be targeting as this will determine what property you purchase and where you purchase it.
We can also advise you on remortgaging your property. Remortgaging your property can release funds to help you pay for things like home improvements and new cars, it can also just help you save money on your mortgage repayments. Our advisors will look at a number of lenders across the market to compare products to ensure you have the best remortgage product that suits you. There are a few benefits to remortgaging your property, one of these benefits is that lenders are always on the lookout for new customers, and to attract these customers they may offer very attractive rates for a limited amount of time, these are called introductory rates. In the UK introductory rates can last somewhere between 2 to 5 years. After this period has ended the mortgage will continue on the lender’s standard variable rate (SVR). Sometimes staying on your own standard variable rate as when you remortgage there are costs involved in this and if the costs out weight the amount you could save it is probably best to stay with your current variable rate. The golden rule is to add up all of the costs and look at the savings on offer, then you see which is the higher number. Those who would like some help with this process can get professional financial advice from a qualified financial advisor who will be happy to help you get your financial house in good order.
If you are interested in any of our services please get in contact with us!