Remortgaging an existing Buy to Let Mortgage on a like for like basis then we do not charge any advice fee and we will find you the best rate across the market lenders

Mortgages for landlords who rent out their property. These types of properties require different types of mortgages, as the regulation around them are different to the regular ones. 

What is required to get a buy-to-let mortgage? ​

You can get a buy-to-let mortgage under the following circumstances:

  • Generally, lenders would like to see you already owning your own home, whether its owned outright or with an outstanding mortgage

  • You have a good credit record and are not overly committed already e.g. credit cards, personal loans or hire purchases

  • You should have a earned income in place 

  • Age plays a big factor in the lender’s decision - speak to us if you are unsure if this will impact you

  • If you have 4 or more BTL properties then you come under a portfolio landlord category, where we have a more requirements for those customers.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BTL mortgages VS BTL mortgages

Buy-to-let mortgages are quite similar to residential mortgages, however there are some key differences. Below are some of the general key differences:

  • Interest rates on mortgages are usually higher

  • The minimum deposit for a buy-to-let mortgage is usually 25% of the property’s value (although it can vary between 20-40%)

  • Most BTL mortgages are interest-only. This means your payments will not reduce the amount you owe, but at the end of the mortgage term you must repay the original loan in full. However, BTL mortgages are still available on a repayment basis

  • Age at point of application and age at end of mortgage term tend to be higher

  • The regulation involved in arranging the mortgage – as mentioned most BTL mortgages are not regulated by the Financial Conduct Authority (FCA). There are however some exemptions, for example if you wish to let the property to a family member (e.g. spouse, civil partner, child, sibling etc). These are often referred to as a consumer buy to let mortgages and are regulated similarly to residential mortgages

​Advising, arranging, lending and administering BTL mortgages for consumers is covered under the same laws as residential mortgages and is regulated by the Financial Conduct Authority (FCA)

How much you can you borrow for buy-to-let mortgages

​The maximum you can borrow is a calculation linked to the amount of rental income the property receives or is likely to receive. Lenders typically need the rental income to be 25–45% higher than your mortgage payment. It is therefore important to speak to local experts to find out how much a property is likely to receive in rent, for example local estate agents. ​

Ready to buy your BTL Property or Remortgage your existing deal?

Why not leave your details and we will call you to discuss your options.

© Contents Copyrights 2019 by Bright Sun - All Rights Reserved

‘As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments’

 

Bright Sun is a trading style of Just Mortgage Ltd, which is a company authorised and regulated by the Financial Conduct Authority

Registered Office: Asm House, 103a Keymer Road, Hassocks, West Sussex, United Kingdom, BN6 8QL. Registered Number 11474996. Registered in England and Wales. 

Telephone 0208 0641618. Calls may be recorded or monitored.

Our Financial Services Register number is 821577. You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/register