Buy To Let Mortgage Explained
Buy To Let Mortgage Explained
Exactly what does "Buy To Let Mortgage UK " mean? What type of property, tenancy and location?
"Buy to let" is a general phrase used to cover any property in England , Wales , Scotland and Northern Ireland which is to be used for investment purposes, or not occupied by the owners.
There are specific mortgage schemes for these properties, which differ from standard "residential owner-occupied" mortgages. Different lending criteria applies, and will vary according to the wide different circumstances and properties.
A Buy to Let Mortgage would include any property that you intend to purchase and obtain an income from. It could be a property that you already own and want to remortgage. It may already be tenanted, or perhaps it is your current main residence but want to move elsewhere and keep it as an investment.
It could, dependent upon circumstances, also be a property that you want to buy for a relative to live in. Or, perhaps, a shop and flat where you want to live in the flat, but rent out the shop.
Does it only apply to residential properties and to UK nationals?
No, at the Buy To Let Mortgage Centre we offer advice on all types of investment properties, including commercial and semi-commercial, for a single unit to a large portfolio - and for Ex-Pats, Non-resident Foreign nationals, Trusts and Limited Companies. Buy to Let Mortgages are also available for individuals with a poor credit history.
We can even arrange finance where new units are being built to be retained as investments.a combination of development finance and Investment property finance.
Are Buy To Let Mortgages regulated under the FSA (financial Services act)?
At the moment, most are unregulated, but there are a number of circumstances that would fall within regulatory requirements. At the Buy To Let Mortgage Centre we adopt the same duty of care to all clients, whether regulated or not. Our objective is to provide you with the most suitable solution to suit your individual circumstances and needs.
What information will the lender require, and will I need to prove my income?
This will depend on the circumstances of each enquiry. Every lender adopts different criteria, which will vary according to the applicant's status, property type, location and type of tenancy/lease.
With so many variations, and so many lenders, how do you know which is best for you?
The Buy to Let Mortgage Centre deals with all lenders in the market, have experience in all types of property, client and tenancies. There is no obligation and we may be able to make your investments work harder for you.
If you need to finance any property investment you can call us today on 0845 6010153 or send us an email here or fill in our online application form and get fast pre-approval for your next investment. Which ever way you choose to contact us we will be happy to assist in any way we can. We specialise in Self Certification, Buy To Let and Adverse Credit mortgages and remortgages both residential and commercial. We offer the most competitive mortgage rates and insurances in the industry all backed up with our unique Guarantee.
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PS. Whatever method of contact you choose you can rest assured that our expertise will be put to work on your behalf immediately. Our goal is to provide you with the right mortgage at the best rate whilst making the process of financing your next property as simple and stress free as possible!
