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Buy To Let Mortgages

The mortgage market can be confusing, with so many products to choose from. Your adviser will take the confusion out of Buy To Let mortgages and present impartial options, allowing you to easily make sense of what is available.

Buy To Let Mortgages in Bristol

You may be a landlord with a portfolio that you wish to make work harder by remortgaging to the lowest cost buy to let mortgages. 

You may be looking to leverage equity and grow your existing portfolio or considering your first buy to let. 

Criteria vary from lender to lender, but generally, you will need a good credit record and understand the risks of investing in property. 

In most cases, you will already own your own home and are not committed too heavily to other types of borrowing, for example, credit cards, loans, HP etc.

Buy-to-let mortgages have some key differences. The minimum deposit for a buy-to-let mortgage is usually 25% of the property’s value (although it can vary between 20-40%). The interest rates are generally a little higher, and there may be lender product fees. 

Most BTL mortgages are repaid on an interest-only basis (although you can choose capital repayment depending on your aims). This means you pay the interest only each month, and at the end of the mortgage term, you repay the original loan amount in full.

The other main difference is that the maximum you can borrow is linked to the amount of rental income you expect to receive. Lenders usually expect the rental income to be a certain percentage higher than your mortgage payment. However, some providers will allow “top-slicing”, where some of your personal earned income is used to assess affordability if necessary. 

To find out your anticipated rent, we can talk to local letting agents and check rental listings online to get an accurate borrowing amount. We can also get you an agreement in principle ahead of your search, so you are viewing and making offers on the right thing.

What is the maximum buy-to-let mortgage I can get?

The maximum that you can borrow will be linked to the rental income you will receive on the rental property. You will likely need at least a 20% deposit and have a minimum income of £25,000 per year.

What documents do I need for a buy to let mortgage?

Can you rent out a house without a buy to let mortgage?

Yes, if you already own the property without a buy to let mortgage or are a cash purchaser with a new property purchase. 

You will need proof of rental income, proof of your deposit, proof of all your income such as payslip and P60, your SA302 if you are self-employed, your current mortgage statement, proof of your identification and address.

Can you get a normal mortgage for buy-to-let?

If you plan to rent out your home and need a mortgage, you must request a consent to let form from your mortgage lender or apply for a buy to let mortgage. Usually, you will need at least a 20% deposit, with better mortgages rates available with higher deposits. 

Buy To Let Mortgage Questions

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Ellis James have experience of dealing with all types of investors and have access to all mainstream and specialist providers (MUB, HMO and Limited Company Buy to Let).

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Do I need an income for a buy-to-let mortgage?

Most lenders will require you to be earning an income in some form. To a mortgage lender, the primary focus is that there is enough rental income for you to afford the mortgage. A larger deposit reduces the risk to the lender. 

Some forms of Buy to Let mortgages are not regulated by the Financial Conduct Authority.

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