If you want to buy a property to let out to tenants, as opposed to living in it yourself, and you don’t have the cash up front to purchase it, you’ll need what is known as a buy to let mortgage.
Buy to let can be a great investment and has many benefits. A profit can be made if the property price rises from the time of purchase and also on income from renting it out. Also be aware that a fall in the market can mean this investment can diminish.
To take out a buy to let mortgage both you and the property will have to meet certain criteria. This criteria can vary considerably between lenders, but the main factors looked at are being a homeowner, the amount of earned income, having BTL experience, clean credit file. Although these are not essential to obtain a btl mortgage they are beneficial. The property must also meet certain rental stress calculations. These differ from lender to lender. Due to this varying criteria it is advisable to speak with an experience btl mortgage broker to establish the most suitable product for your needs.
“Our experience of Charles Louis, from start to finish, was fantastic. Zoe seemed to know everything you could possibly need to know about the house (including all the neighbours!) when we first viewed it with her and was very accommodating when we asked for a second viewing the very next day! Our experience up until that point was that we often felt rushed when viewing a property or told to ‘call the office’ if we had a question.
Once we had our offer accepted, I found James to be very responsive and I was never left waiting if I emailed or text across a quick query throughout the process. Having a named person who I could just ring whenever was a massive win and removed much of the stress – I never once had to explain who I was or why I was ringing – it felt like a very personalised service. Having just moved to Ramsbottom we have already recommended them to a few people!”Robert Cregeen
Whole Market Access