Find Your Buy to Let Mortgage with Simply Specialist Lending
Whole-of-market brokers
Personal service from CeMAP qualified experts
Commercial buy-to-let mortgages available including Limited Company purchases and remortgages
Up to 85% Loan To Value
Portfolio clients
Unusual properties
Complimentary initial consultation
Enquire About A Buy To Let Mortgage
All types of properties considered
Speak to a Buy to Let Mortgage Broker at Simply Specialist Lending
Buying a property with the intention of renting it out can be an excellent investment. Whether you only rent out one or you have a portfolio of properties, you won’t be eligible for a normal residential mortgage. You’ll need a buy to let mortgage, and that means that it’s vital that you speak to a broker who understands the buy to let mortgage market; brokers like those at Simply Specialist Lending.
Using a broker hands the hard work of finding the best buy to let mortgages for your circumstances to a qualified professional who is up to date with the latest buy to let mortgage criteria of different lenders. Using whole of market brokers like Simply Specialist Lending further ensures that you have access to the widest range of lenders, maximising your chances of getting a buy to let mortgage.
We can help with all aspects of finding a BTL mortgage including limited company or personal buy to let mortgages, portfolio requirements and changing your residential mortgage to a buy to let. Contact us today.
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Buy to Let Mortgages Explained
If you’ve been wondering ‘how do buy to let mortgages work’, wonder no more. Let Simply Specialist Lending explain.
How is a buy to let mortgage different from a standard residential mortgage?
The biggest difference is that the amount you are able to borrow will depend largely on how much rent you will be able to charge. Lenders use interest cover ratios (ICRs) to estimate how much profit you are likely to make. Lenders tend to expect that the rental income on any property amounts to at least 125%, and often up to 150%, of the mortgage payments on the property. Other factors may include your personal tax band and the length of the fixed rate you are taking. 5 year fixed rate mortgage deals often allow you to borrow slightly more.
Most buy to let mortgages are taken on an interest only basis – this means that your monthly payments only cover the interest on your loan. At the end of the term you will need to repay the full amount borrowed. Lenders will expect you have a plan in place to meet this repayment. Interest and capital payment buy to let mortgages are available so please do not hesitate to ask one of our brokers.
How much is a buy to let mortgage deposit?
In general, you will need a larger deposit for a buy to let mortgage than for most standard residential mortgages. Look to being able to put down around 25% of the property’s value to secure a keen interest rate. You may be able to secure a buy to let mortgage with a deposit of 15% but interest rates will be much higher, the rental income will have to be strong and there may be additional requirements on you, the borrower.
How can I compare buy to let mortgages?
With such diversity in the market, your best bet is to ask a mortgage broker to act for you. The relationships that Simply Specialist Lending have with lenders means that we are in a privileged position when it comes to finding you a deal. We know that the deal that looks like the cheapest buy to let mortgage may not be the best product for you.
What is a portfolio landlord?
Lenders vary but if you have 4 or more BTL properties you may be considered a portfolio landlord and be subject to a more detailed underwriting process. If this applies to you there are specific rules that you must abide by. These rules were introduced in 2017 and in short make the application process more rigorous. Simply Specialist Lending have experience with portfolio mortgages.
What type of property can I get a BTL mortgage on?
A Buy to Let mortgage is available on many different types of properties including houses, flats, multi-unit blocks and accommodation above commercial properties. We can also help with mortgages for houses of multiple occupancy.
Do I need a special type of mortgage for a house of multiple occupancy?
Houses of multiple occupancy (HMOs) refers to any property that is let out to more than 3 tenants who aren’t from one household, for example a house that is let out as student accommodation. You’ll need a product that is more specialised than a standard buy to let mortgage for an HMO, but don’t worry because Simply Specialist Lending has the expertise to help you.
HMO mortgage rules are slightly stricter than for other buy to let mortgages, for example you will generally be expected to be an experienced landlord, and HMO mortgage rates can be more expensive as they are felt to carry a higher risk to the lender. Although some of the considerations will be the same, such as the amount of rental income you expect to return.
Our brokers have relationships with HMO mortgage lenders which allow us to be well-placed to understand the different criteria that lenders have, and subsequently submit your application to the most appropriate one for you. Speaking to one of our HMO mortgage brokers could be the difference between whether or not you find the deal for you.
Call 01245 904266 For A Free Quote
Lines Open: Mon-Fri 9am-10pm and Sat/Sun 9am-5pm. Alternatively request a call back at a time convenient to you.
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Why should you speak to Simply Specialist Lending for your Buy to Let Mortgage?
Simply Specialist Lending is a company regulated and authorised and regulated by the Financial Conduct Authority. Our specialist buy to let mortgage advisers are CeMAP qualified and have many years’ experience helping people like you achieve their dream of owning a rental property.
We guarantee you a personal service, tailored to the needs of you or your company. Specialist Lending Services provide an end-to-end service. You tell us what you need, and we make the buy to let mortgage comparisons. We’ll then present you with your best options based on factors such as interest rates and fees payable. Whether you’re applying as an individual or want a limited company mortgage, contact us today.
Call 01245 904266 For A Free Quote
Lines Open: Mon-Fri 9am-10pm and Sat/Sun 9am-5pm. Alternatively request a call back at a time convenient to you.
It’s quick & easy. No credit check.