Looking for a buy-to-let mortgage? We can help…
Mortgage Brokers In Bristol.
Looking for a buy-to-let mortgage? We can help…
Mortgage Brokers In Bristol.
Whether you are looking to purchase a Buy to let (BTL) in Bristol or you have a portfolio that needs refinancing, Adam Wells Mortgages are here to help.
If you are asking how can I borrow as much as possible on my Buy to let (BTL)? We’re here to give you the answer and make sure that the whole process is as easy as possible. We know that life is stressful enough, so we are here to take that stress away so you can concentrate on the more important things.
Buy to let (BTL) mortgages are specifically for individuals or companies who wish to buy residential property which they intend renting to tenants. Although a Buy to let (BTL) mortgage is similar in a number of respects to a standard residential mortgage, there are some significant differences between the two. Get in touch so that we can remove the stress of renting propertyand make the process as easy as possible.
Your Home May Be Repossessed If You Do Not Keep Up Repayments On Your Mortgage.
Most Buy to Let Mortgages are not regulated by the Financial Conduct Authority.
We will find the right mortgage for you!Contact us now.
MOST BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY
Frequently Asked Questions
Below are some of the most frequently asked questions about first time buyer mortgages.
What is the eligibility and lending criteria?
In common with a standard residential mortgage, the potential lender will take account of your personal credit rating. If you have any unpaid debts, County Court Judgements — or you have failed to make previous or existing loan repayments on time — the lender may not want to take you on as a BTL borrower.
What about my credit record?
A good rule of thumb is to start looking for a new mortgage around three months before your current mortgage deal ends. Say you have a three-year fixed-rate mortgage, you should start looking for a new deal when you’re 33 months into the 36-month fixed period.
When you have a new mortgage offer, you should have around three to six months to accept it.
What deposit do I need?
What deposit do I need?
Typically, the highest loan-to-value (LTV) mortgage available on a BTL basis is 75% — i.e. you will need a deposit of at least 25% of the property’s purchase price to proceed. Borrowers who are able to put down substantially more than the minimum 25% deposit (40%+ for example) will usually qualify for more favourable rates of interest.
What interest rate is there on a BTL mortgage?
Because BTL mortgages represent more of a risk for lenders than standard residential mortgages, BTL borrowers tend to be charged higher rates of interest.
Are there any associated fees and costs?
Survey: A surveyor will be appointed (at the borrower’s expense) to assess the property’s condition, market value and potential rental income. The surveyor will also identify any issues which could affect the property’s future value.
Conveyancing: which is usually conducted by a solicitor or conveyancer — is the process by which the ownership (legal title) of the property is transferred from the seller to the buyer. The seller pays for this cost.
TAX TREATMENT DEPENDS ON INDIVIDUAL CIRCUMSTANCES AND IS SUBJECT TO CHANGE.
Other costs: The borrower may also have to pay arrangement and booking fees to the mortgage provider, which tend to be higher than those associated with a standard residential mortgage.
Which type of BTL mortgage is best for me?
Depending on the lender, the types of mortgages available to the BTL borrower are usually the same as those available to the standard residential mortgage borrower — i.e., tracker, discount, fixed rate, capped rate and variable rate.
Given that most BTL borrowers buy for reasons of investment, some mortgage options may be more appropriate than others. With a fixed-rate mortgage for example, the borrower knows exactly what their monthly repayments are going to be; other borrowers prefer tracker or variable rate loans where the monthly repayment can sometimes be lower, but the cost can vary from one month to the next.
(Many BTL buyers have a preference for interest only mortgages, as distinct to a capital and interest repayment mortgage. An interest only mortgage, is a mortgage where the monthly repayment is used solely to pay off the interest on the loan but none of the capital, which is repaid only when the property is sold.)
Adam Wells Mortgages is a trading name of Adam Wells who is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.
A fee of up to £495 per mortgage may be charged depending on individual circumstances.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.