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HomeBuy To Let Mortgage

Buy To Let Mortgage

Buy to Let Mortgage Broker

A Buy to Let Mortgage Broker will help you get the best offers for your next property investment, looking across the whole of the market.

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    What are Buy To Let Mortgage?

    Gordon Blair is a buy-to-let mortgage broker based in Norbury, near Croydon. We help property investors find better mortgage deals for their rental properties. Buy-to-let mortgages are special loans for people who want to buy a home to rent out.

    These mortgages are different from normal residential mortgages. Instead of just looking at your income, lenders focus on how much rental income the property could bring in. Most buy-to-let mortgages need a larger deposit, usually around 25% or more, and the interest rates are often a bit higher.

    Even so, buy-to-let mortgages are very popular in the UK, especially for people who want to earn rental income and see their property grow in value over time.

    Getting a lower interest rate is important because it can help you make more profit. Lower monthly repayments mean you keep more of your rental income, and your cash flow improves. It also lowers the risk of missing payments.

    At Gordon Blair, we search through lots of buy-to-let mortgage options to help you find the best one. Whether you’re a first-time landlord or already own rental properties, our friendly mortgage advisors are here to guide you every step of the way.

    Types of Buy To Let Mortgage:​

    Standard Variable Rate (SVR)

    SVR, or standard variable rate, is the default interest rate set by a mortgage lender, which can fluctuate in line with changes in the market.

    Fixed Rate

    Fixed rates are mortgage interest rates that remain unchanged for a set period, offering stability and predictability to borrowers.

    Tracker

    A tracker rate is a type of mortgage interest rate that follows movements in an external benchmark, such as the Bank of England base rate, with the borrower's interest rate adjusting accordingly.

    Discount Rates

    A discount rate is a variable mortgage interest rate set below the lender's standard variable rate, typically for a specified introductory period, providing borrowers with initial cost savings.

    Buy to Let For a Limited Company

    A buy to let mortgage for a limited company is a strategy where a business, rather than an individual, buys a property to rent out. This approach is growing in popularity among UK property investors due to potential tax benefits, such as the ability to offset mortgage interest against rental income under corporation tax rules. It can also offer limited personal liability, make inheritance planning easier, and support long-term portfolio growth. However, limited company mortgages often come with higher interest rates and added responsibilities like company setup, annual filings, and accounting costs. At Gordon Blair, our expert buy to let mortgage advisors in Norbury, near Croydon and Carshalton, can guide you through the process and help you decide if this route is right for your investment goals.

     

    David Fairclough Mortgage Broker, Buy to Let Mortgage Broker at Norbury

    What should i consider before applying for Buy To Let Mortgages?

    • When applying for a buy-to-let mortgage, your adviser will require an estimation of your anticipated monthly rental income, which can be obtained from estate agents or by researching similar properties online. This estimation is critical as lenders use it to assess the affordability of your mortgage, typically requiring rental income to be 125% to 145% of the monthly interest payments. They also conduct a "stress test" at around 7% interest to ensure you can manage rate fluctuations and unexpected expenses. Additionally, lenders review your personal income to confirm your ability to cover future repairs or vacancies, ensuring the financial viability of your investment.

    • Buy-to-let mortgages typically come with higher interest rates and necessitate larger minimum deposits compared to residential mortgages, often requiring a 25% deposit as opposed to the 5% or 10% commonly needed for residential properties. This is to offset the increased risk assumed by the lender.

    • There is no minimum or maximum age limit for rental property mortgages. 

    • You can be an experienced lender, or first time lender. Eligibility for rental property mortgages varies by lender, with fewer options available for first-time buyers and those with large portfolios. Individual lender preferences determine suitability based on your experience level and portfolio size.

    • Most lenders prefer Buy-to-let borrowers based in the UK. While some accept applications from expats, their criteria might be tougher. It's wise to seek help from an experienced mortgage broker like Gordon Blair Financial Services.

    • Having a poor credit score can make it hard to get a mortgage, as only few lenders are more flexible than others. It's important to contact a mortgage broker like Gordon Blair Financial Services, who can check with all lenders and find the best deal for you.

    • Landlords have to deal with different tax rules compared to regular homeowners. When you buy a property, you'll have to pay extra Stamp Duty, and you'll need to pay Income Tax on the rent you receive from tenants. If you sell the property later, you might also have to pay Capital Gains Tax.

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    Why you need a Mortgage Broker ?

    • Specialist Advice: Buy to Let Mortgage broker know the ins and outs of buy-to-let mortgages, helping you find the right deal for renting out properties. Always choose FCA Authorised  Mortgage Brokers.

    • Access to More Options: Brokers have connections with various lenders, including those offering buy-to-let mortgages, giving you more choices to suit your needs.

    • Rental Income Understanding: They can explain what rental income lenders expect, making sure your expected rent meets their criteria.

    • Portfolio Planning: For seasoned landlords, brokers offer advice on growing your property portfolio strategically, helping you make the most of your investments.

    • Tax Guidance: Brokers can help you understand taxes related to buy-to-let, such as Stamp Duty, Income Tax on rent, and Capital Gains Tax when selling a property.

    • First-Time Landlord Support: If you’re new to renting out properties, brokers simplify the process, guiding you through affordability checks and landlord responsibilities.

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