Investment Mortgage Online
Are Investment Mortgage Online Deals Really Any Better?
Investment mortgage online deals are becoming more common, but are they any better for the average landlord? Investment mortgage online products sometimes feature lower fees and lower interest rates, because of the reduced administration that lenders have to do. With an online investment mortgage, landlords fill out the forms online, giving all the necessary personal and financial information, and posting any additional information that is needed direct to the lender. But what's the advantage of getting an investment mortgage online?
For some landlords whose circumstances are perfect, an online-only investment mortgage offer may provide the chance to get an additional discount on the interest rate. This can be an attractive proposition, as it means lower interest payments and more rental income in the landlord's pocket. However, a deal like this is usually only available to people meeting certain criteria. Those whose circumstances fall outside the norm, requiring additional work on the lender's part, may not be able to take advantage of an investment mortgage online only offer.
However, it will still be possible to source your investment mortgage online, as most lenders now provide online information about their investment mortgage deals. This is useful for landlords with a wide range of financial circumstances. Suppose you have a patchy financial history, with County Court Judgements (CCJs), defaults and arrears? You may still be able to source an investor mortgage online, as there are several lenders who cater specifically for these circumstances. Even those whose financial history includes individual voluntary arrangements (IVAs) or bankruptcies can find an investment mortgage online, though there will be conditions. In most cases, these relate to the satisfactory management of an IVA and the length of time during which a bankruptcy has been discharged.
BTL for First Time Landlords
For other landlords, a patchy financial history may not be the barrier to getting an investment mortgage. Instead, the problem might be inexperience and very little history. A first time landlord looking for an investment mortgage online might have fewer options, as some lenders lend BTL mortgages only to those with prior experience of property investment. However, there are still some lenders who will provide an investment home loan online to first time landlords. In most cases, they will ask for landlords to own a home, even if that home is mortgaged. That means that before they issue an investment mortgage, they can see evidence of how the first time landlord has managed the existing mortgage - and that will give them a guide to the risk of granting a BTL mortgage.
In most cases, landlords' individual circumstances will give the best indication as to whether investment mortgage online loans are any better than their offline equivalents. After all, landlords have to qualify for the loans and meeting the criteria may not always be possible. The good news is that there are dozens and lenders of deals in the buy to let market, so landlords will find no shortage of investment mortgage online providers.
