Buy to Let Mortgage Broker Falkirk

Expert Advice for Buy to Let Mortgage Seekers

Are you considering buying a property that you intend to rent out to residential tenants for a profit? When considering a buy to let mortgage there is a lot to take into account, especially if you plan on renting out the property to a third party. Bespoke Home Finance is here to help you at all stages of the process.

Most Buy-to-Let mortgages are not regulated by the Financial Conduct Authority

Looking for a First-Class Plan for your Mortgage?

What Is the Criteria for a Buy to Let Mortgage?

Firstly, finding the right buy to let mortgage can be confusing as each lender has a different set of criteria. There are many variables surrounding the buy to let criteria such as:

– Income and affordability
– Credit score
– Deposit amount
– Age
– Employment status
– Location

Other requirements to note include the fact that most buy to let mortgage lenders require applicants to be permanent UK residents or citizens due to ex-pats being deemed as high risk because they live overseas. Occasionally, some lenders will still lend to overseas applicants in cases where they are low risk.

 

I am just a phone call
away for any queries or advice.

What are the Affordability Criteria?

Affordability for most mortgages is usually assessed by calculating your income against your outgoings. However, buy to let mortgage operate quite differently. With this mortgage, affordability is assessed by calculating whether your rental income will cover the costs of the mortgage.

Nonetheless, there are lenders out there that require applicants to have a minimum income of £25,000 per annum whilst others do not require applicants to have an income.

Lenders typically require your rental income to cover your mortgage by 125-145%. Even so, it’s important to note that all lenders operate differently and have different criteria for assessing how much they can lend.

Seeking Trustworthy Expert Advice?

Are there any Age Restrictions?

The minimum age for being able to secure a buy to let mortgage is 18. However, most lenders typically require applicants to be at least 21 or even 25 in some cases.

The maximum age is usually 85, with some lenders only going up to 75. Whereas others do not have an age limit.

Is a Buy to Let Mortgage Deposit the Same Amount as Other Mortgage Deposits?

Typically, you will need a higher deposit amount for this mortgage in comparison to a residential mortgage. The deposit rate is usually 25%. This is because most buy to let deals start at 75% loan-to-value. Some lenders may accept a 20% deposit, but that is normally applied to experienced landlords.

If you have affordability issues or a low credit score, some lenders may require you to pay a higher deposit to lower their lending risk. Additionally, the same applies to those who are purchasing a property that needs extensive work or is of non-standard construction.

Looking for a First-Class Plan for your Mortgage?

I aim to find you the perfect deal possible and I understand that everyone’s circumstances are different, but this investment can make a huge difference to you and your family. That is why I am here to help you with all the facts and information I have. Not only that, but you will be getting advice from a mortgage expert with years of experience.

When looking at buy to let mortgages, there are generally higher interest rates. It’s also worth taking into consideration the potential rental income as this can affect the amount a lender is prepared to offer.

Despite the restrictions placed, you will, however, be eligible for a range of tax deductibles. For more information, contact me today for expert mortgage advice.

Seeking Trustworthy Expert Advice?

Advice From Bespoke Home Finance

If you are looking for trustworthy and professional expert advice to guide you every step of the way, then look no further than Bespoke Home Finance.

Furthermore, if you are looking to move home or even buy your first, I am here to help. Call me today on 0330 111 2477 or fill in the contact form below. I look forward to hearing from you and remember, there is no obligation or no high-pressure tactics on ours.

Based in Scotland, we offer our mortgage advice services in Edinburgh, Glasgow, Scotland and all across the UK too!

company note
  • Bespoke Home Finance Ltd is an Appointed Representative of Primis Mortgage Network, a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority.
  • This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
  • The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
  • The Financial Conduct Authority does not regulate all Buy to Let mortgages
  • AN EQUITY RELEASE PRODUCT WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVERYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS. TO UNDERSTAND THE FEATURES AND RISKS PLEASE ASK FOR A PERSONALISED ILLUSTRATION.
  • A LIFETIME MORTGAGE WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVEYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFIT
  • TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.