Buy to Let mortgage advice Cumbria
While BTL mortgages are similar to standard mortgages, there are some differences. Seeking buy to let mortgage advice is a good idea to ensure you know all there is to know about how they work, how to apply, and what the problems may be.
For instance, did you know that you are unlikely to get a BTL loan if you don’t already own your own home (outright or with a mortgage), that there are earning requirements (usually of £25,000+), and that there are upper age limits (70-75 at the end of the mortgage term)? The fees tend to be higher (as do the interest rates), most are interest-only, BTL lending is not regulated by the FCA, and the minimum deposit rate varies (from 20%-40%) for a Buy to Let mortgage Cumbria.
It sounds like a lot to take in and understand but with the right, professional advice you can navigate the application process and make your investment.
How can Stead Mortgages help you with BTL mortgage advice?
Stead Mortgages can ensure that your buy to let investment works for you by:
- Finding the best BTL mortgage deal from high street and specialist lenders
- Discussing potential rental income levels and whether they will cover the mortgage by at least 125%
- Outline the cost of arrangement fees (which are higher than standard mortgage arrangement fees)
- Complete your BTL mortgage application
- Help with recommendations for surveying and conveyancing services
- Work with you to secure the right investment for a healthy yield (beyond any that regular savings currently give, although the risk is also higher)
- Ensure that you access the right deal at the right time – rents are on the increase right now
Your home may be repossessed if you do not keep up repayments on your mortgage.
Buy to Let Mortgages are not usually regulated by the Financial Conduct Authority.
We are unable to provide advice on secured loans, bridging finance or commercial lending but if you require advice in any of these areas, we can put you in touch with a specialist firm.