At Birmingham Money, we thrive on helping people arrange their mortgages by finding the best product for their circumstances. So if you’re looking for a buy-to-let mortgage, then ‘hello’ and ‘welcome’, we’d love to be able to help.
We have lots of independent very experienced advisers, which given the influx of changes, has made this market a rather more specialised one. That said, we can match you to one of our advisers who has experience of this kind of mortgage. In addition, because of our background in buy-to-let, we’re also knowledgeable in the investment market and able to offer advice as to whether or not your potential investment is a worthwhile one. Not many Mortgage Advisers can offer that!
Can I get a buy-to-let mortgage?
If you’re looking to invest and can answer yes to the following, then it’s more than likely that Birmingham Money can help with your buy-to-let mortgage requirements:
- You’re looking to invest in flats or houses.
- You understand the risks of property investment.
- You have your own home – owned or mortgaged.
- You have a good credit record and not committed too much to other debt, such as credit cards.
- You earn at least £25,000 per annum. Any less and you’ll probably struggle to gain lender approval.
- You’ll be under 70-75 when the mortgage is due to end.
What do I need to bear in mind with a buy-to-let mortgage?
Most are like a normal mortgage, but it’s worth considering when working out your finances, that the fees tend to be a little higher and generally speaking, interest rates are higher too. There will be a minimum deposit required as well. Another worthwhile piece of information, most are interest-only, so this means that you pay the interest each month and not the capital, which means at the end of the term, you repay the full amount. There are repayment options available, which Birmingham Money can chat through with you to find out the best one for you.
How much can I borrow?
This is linked to the amount of rental income you expect to receive. Typically, you should be looking for your income from the rental property to be around 25-30% higher than your mortgage payment.
Friendly advice!
Comparison sites serve their purpose, however, all won’t give you the same results as they won’t have access to the number of lenders we have access to. Feel free to contact us here at Birmingham Money for a no obligation, but straight talking chat. We can do the leg work for you making it a rather more straight-forward arrangement for you, as we know who to talk to.
We can also help current buy-to-let investors who are looking to possibly add another property to their portfolio, remortgages an individual or entire portfolio to enhance any current arrangements regarding interest rates, or even raise capital against an existing buy-to-let property.
Anything is possible at Birmingham Money. We have the people, the access, the skills and experience, all ready to be put to work on your behalf.