Buy to let mortgages are for landlords who want to buy a property and rent it out.
As with regular mortgages, buy to let mortgages come with their own set of rules and regulations. We will walk you through how they work and what errors people usually make when applying for a buy to let mortgage.
You can take out a buy to let mortgage under the following conditions:
Contact our expert team for buy to let mortgage advice in Carlton
If you are purchasing a property with the aim of renting it out, it is a different mortgage to a regular one. There are some key differences between them:
The kind of mortgages that insurance brokers and banks offer to consumers for buy to let investments is subject to the same regulations as those covering residential housing.
The maximum you can lend is linked to the income amount projected from your rental property.
Lenders typically need the rental income to be 25–30% higher than your mortgage payment.
To work out what renters might expect to spend on rent, try talking to professionals in the tenant market or find median pricing for houses in Carlton
We love helping all our customers, especially the ones who really need Mortgage Advice in Carlton – it’s not just about finding a mortgage. It’s about the journey, we will guide you through the full process.
Buying your first home can be a little bit daunting, but we’re here to help with all the challenges of finding your perfect place.
Looking for a better mortgage deal? The process is often not as easy as it first appears.
Thinking of selling your existing property and moving to a new home? It’s important that you try and budget accurately.
This can be one of the popular mortgage options available for those wishing to invest in residential & rental property.
To speak with a mortgage advisor, book your FREE mortgage appointment online or give us a call.
Most big banks and a few other institutions offer buy to let mortgages. A broker such as ourselves can provide you professional advice and expertise as to which lender to choose.
A minimum deposit is required for purchasing a property in Carlton. High street lenders typically require a 5% deposit. A higher deposit may be required if you have had credit problems in the past.
Yes, however, you must submit at least one year’s worth of accounts. To compute the maximum mortgage, most lenders in Carlton use your salary and dividend, while others may use your net profit.
Second mortgages are possible. This includes debt consolidation and home improvements. A second mortgage can also be obtained on a second property, but only if it is for the owner’s personal use, a family member’s use, a holiday home or a rental property.
It will take about an hour for our free mortgage consultation in Carlton. Upon completion of your consultation, we can arrange an agreement in principle for you in about 24 hours. A formal offer takes about three weeks.
You must provide three payslips to prove your income if you are an employee. You will need to supply the latest 2 years’ accounts if you are self-employed in Carlton. Additionally, you must provide proof of identity, address, and three months of bank statements.
An agreement in principle typically lasts between 30 and 90 days, but it can vary based on your lender. It is quite simple to renew an agreement in principle if it expires.
You can do it, but it will be harder. By putting down a higher deposit, perhaps 10% or 15% of the purchase price, you can demonstrate that you can afford a mortgage.