Building Society Buy To Let Mortgages
Are Building Society Buy To Let Mortgages The Best Choice?
Building societies are dotted all over the UK and are famed for their local, personable service. Unlike a bank their members own them, so you can be sure that your money is invested and used with the customer in mind. It is true that a few building societies have been caught out with risky investments over the last year but on the whole the building societies have proved themselves safe businesses. With that in mind it might be best to opt for building society buy to let mortgages - a safe lender means your rate shouldn't shoot up and their customer-centric service should mean you get a fair deal with building society buy to let mortgages.
One of the downsides to choosing building society buy to let mortgages is that building societies are limited in how they can fund their mortgages. The building society rules of the UK stipulate that they must use retail deposits to cover 50% of any funding for mortgages. This means their loans are limited in how much the members of the building society have saved. While this is sensible lending, it does affect the rates of building society buy to let mortgages.
While few of us are fans of the banks, they do have a lot of money to fund their mortgages, which means in many cases they are cheaper loans. That is not to say that building society buy to let mortgages are always more expensive, it just means there are times when there are more bank buy to let mortgages on the market than there are building society buy to let mortgages.
So are building society buy to let mortgages best for you? You might like their business ethos but you might find that the best rates when you are searching for a buy to let loan are those of the bank buy to let loans. But then again it might be that building society buy to let mortgages offer you options and extras that the bank loans do not.
A good buy to let mortgage adviser will tell you that you should never pigeon-hole yourself when it comes to searching for a loan - it doesn't matter if they are building society buy to let mortgages or they are bank buy to let deals. You should choose what deal is best for you. To find out what loan that is, and where it comes from, talk to a buy to let mortgage adviser. They may say you should go for one of the many building society buy to let mortgages on the market, or they might say you should go elsewhere - but whatever they say, it will be your best option from the whole of the buy to let mortgage market.
