Below we have a list of frequently asked questions. As with all cases, the best way to see if our services will work for you is by getting in touch with us. Your home may be repossessed if you do not keep up with the repayments on your mortgage.
If you’re a first-time buyer, then it can be harder…quite a bit harder. There are very few FTB options on the buy-to-let market. If you currently own a property, then it’s a lot easier as there are far more options available.
As a minimum, you will need to put down a 20% deposit. But, the reality is there aren’t many options available with 20% and they can be quite expensive. To get competitive deals, you will want to put down at least 25% of the property value.
It is different from the residential side of the market as they are assessed differently from lender to lender and overall. Some lenders have no minimum requirements, some need you to be earning a set amount and this will vary from lender to lender.This is alongside the rental income for the property being a big consideration. The lender’s requirements for rental yields vary case by case and lender by lender. So please give us a call to discuss further.
It is best to get in contact with us and we can chat and figure that out…
Everyone will have their take on this but once you have decided that you want to buy a buy-to-let, have decided that you can afford it, you should ask yourself “what type of tenants do I want”? Do you want a typical professional couple or family, or an HMO? How long do you want the tenancy agreement to be for? Why does it matter? Have you looked into how you will manage these? Again, give us a call and we can guide you through the criteria and information you need to know before making a decision.
There are a few factors to consider here including how complex your requirements are, the current service levels of the lenders and the speed at which you want to get the ball rolling. All of these have an affect on the speed in which you will receive your mortgage offer. However, with your co-operation, we pride ourselves on application-to-offer times as quickly as 5 days!
It can be quite a daunting task when preparing to sit down with a broker. But remember- we aren’t here to quiz you on your mortgage knowledge, we are here to advise you! We will ask you questions about YOU. How much you earn, what your outgoings are etc. from there, we will be able to put a bespoke recommendation together for you.