1How much can I borrow?
The amount a lender is willing to offer all depends on your affordability. This is usually where your income and outgoings are taken into consideration, but every lender sets they're own criteria. Buy-to-let properties are slightly different, with lenders wanting to know how much rental income the property will make. We recommend using the Money Advice Service affordability calculator that can be accessed by clicking here.
2Will my mortgage be regulated by the FCA?
While most residential mortgages are regulated, if you are looking to get a Buy to Let mortgage the changes are the mortgage will not be regulated the the Financial Conduct Authority, unless classed as a Consumer Buy to Let. If you have any questions or concerns about your requirements, send us an email: firstname.lastname@example.org or call us on 01244 478007.
3Can I get a Buy to Let property?
When you are thinking about taking out a Buy to Let mortgage you will need to add up the costs of buying and running your property. You should also think carefully about taxation, marketing, maintenance and general property management. It is also important that you comply with all the legal requirements of being a landlord.
4What can I use my loan (mortgage) for?
There are a myriad of reasons individuals decide to take out a mortgage, some of them include, but are not limited to:
- To purchase a property you intend to live in or let.
- To raise funds on a property you already own.
- For home improvements or essential repairs.
- Remortgaging your home so you can then let it to tenants.
5How long does it take?
The amount of time it takes for a mortgage to get approved and financed will vary from lender to lender. When shopping around for mortgages, it’s extremely important to have an idea on average how long a mortgage lender is taking to get their loans closed. A top mortgage lender should be able to get a mortgage financed within 30-45 days from application.