Whatever your situation – if you’re a first-time landlord, if you have a small property portfolio, or if you’re an experienced landlord with many properties on your books – we will arrange a buy to let mortgage to suit any need.
Being a landlord can be a great way to increase your income, and our specialist advice will help you make it as profitable as possible, but there are some factors to take into account.
As a buy to let landlord you could be eligible for a range of tax benefits, on things like mortgage interest repayments, rental insurance, and property maintenance. We work with tax experts who can advise you on these matters.
You should also be aware that there are some extra costs through taking out a buy to let mortgage.
Firstly, the interest rate on your mortgage is likely to be around 1-2% higher than conventional residential mortgages. Lenders consider any property you’re not going to live in yourself as a greater risk, as tenants don’t have the same commitments as an owner occupier.
For a residential mortgage you can pay a small initial deposit of around 5%. This differs for buy to let. Lenders like you to have a larger personal stake in a buy to let property as it reduces their risk. We have extensive experience in guiding landlords through all the rules and regulations surrounding buy to let mortgages, so get in touch if you have any questions or concerns.