Investment Mortgage Brokers
Getting The Best Deal With Property Investment Mortgage Brokers
Using investment mortgage brokers can make the difference between getting the mortgage you want and ending up with a deal that is not quite right. Just as with residential mortgages, many new landlords head straight for their bank when looking for a BTL mortgage, but this may not be the best strategy. Investment mortgage brokers have specialist knowledge of buy to let and may be able to help you get the mortgage that is right for you.
Talking to investment mortgage brokers opens up a range of new possibilities for your buy to let mortgage. If you want to keep repayments as low as possible with an interest only mortgage, investment mortgage brokers will be able to identify the lenders who allow you to do that. If, on the other hand, you wish to pay off your loan at the same time or use mixed repayment methods, investment mortgage brokers can search their databases to find suitable lenders.
Looking beyond the interest rate, there is a big difference in the type of property some lenders will offer BTL mortgages on. Investment mortgage brokers will be able to help you find the lenders who will allow you to buy a student house for your child who is attending university. Some lenders do not lend money for this type of housing due to their lending criteria but there are plenty that will.
Investment mortgage brokers can also help if you want to get the biggest loan with the least deposit. Average deposits for a BTL mortgage range from 15 per cent to 25 per cent, with interest rates varying accordingly. Investment mortgage brokers can help you get the best combination of interest rates and repayment methods to suit your pocket.
Getting the Best BTL Deals
Even existing landlords can benefit from the services of investment mortgage brokers. The buy to let market has changed a great deal in the last ten years. Where there were once only a few lenders offering investment mortgages, now there are dozens - and tens of dozens of deals. Going to your local bank may not give you access to all those deals.
Of course, you could do it the hard way, by phoning or visiting all the lenders you know to find out what deals they have available, but that still won't give you access to the best deals. Some lenders lend only through intermediaries (investment mortgage brokers). This means that you won't be able to find their deals on their website or in their offices.
Instead of taking that approach, it is easier and more productive to allow investment mortgage brokers to do the virtual legwork for you. They have access to all the deals as well as the lending criteria. After an interview with you they will be able to search through the BTL deals and present a number of options for financing your buy to let investment. Armed with the BTL information, you will be able to select the deal that best suits your circumstances. And when you are ready to move to a new deal, you can check out investment mortgage brokers once again.
