Buy To Let Properties Nationwide – How to find buy to let houses
Every person wants to have their own home, whatever it takes to own one. If you are one of those lucky people who own a home already, what if you could own another one and earn some money by letting it out? If you are attracted by this idea but don’t have enough money to buy another property, Buy to Let is the option for you.
Properties Discounted have all the information you need to make a Buy to Let purchase. Whether private or commercial, we have a range of properties to suit your investment needs. We also have a team of experts available 24/7 to guide you through the process and answer all your questions. So, what are you waiting for?
What is a Buy to Let mortgage?
Buy to Let mortgage is a mortgage available when a buyer wants to buy a property for for the purpose of letting it out in order to make money, normally through rent.
Buy to Let properties are highly specialised and specific mortgages that cater to specialist needs of the purchaser. These are different from residential mortgages in that the loan bearer is supposed to pay a larger deposit to the tune of 20 % when compared to residential mortgages, though some lenders also allow a 15 % deposit. Loan contenders for Buy to Let properties should be aware of the interest rates beforehand because interest rates are usually higher for lower deposits and vice-verse. Buy to Let mortgages are not very lender friendly because they are not competitive and rely on tenants to pay their rent timely. But higher interest rates work as compensation for these issues. We can help you find the most suitable Buy to Let properties on the market today. Sound investment will lead to greater profits for you, and our experts will help you choose a property that should increase in value too.
Why do Buy to Let mortgage rates vary?
Buy to Let mortgage rates may vary because they are mainly based on the expected rental income from the property. Rental income from the mortgaged property typically must be equal to or greater than 130% of the mortgage repayments. Also loan lenders verify your salary to ensure that you would be able to repay the mortgage even if you have problems with your rental income. You can also have more than one Buy to Let mortgage, but certainly not on the same property, and you can generally borrow as much as £500,000 to £1 million.
What type of Buy to Let mortgages are there?
There are different variants of buying to let mortgages. The most common are:
- capped rate
- fixed rate
- non-resident and
- self-certified.
Each type offers its own unique benefits, and we can advice which is most suited to you, so you can select the best Buy to Let mortage plan according to your financial needs. Fixed rate Buy to Let allows you to pre-plan your repayments and finances as it embodies fixed monthly repayments. On the other hand, variable rate Buy to Let mortgages can be beneficial for you if the interest rate drops during mortgage period.
In self-certified types, you can escape the verification of your salary by making the claim that you can pay the loan interest. Non-resident Buy to Let mortgages are intended for non-UK residents and UK expatriates who want to invest in the UK market. Another type of mortgage is a capped Buy to Let mortgage which is a mixture of fixed and variable types. In this mortgage type, interest rates are variable up to a certain point and fixed if the interest rate rises above that particular point.
Buy to Let houses and commercial properties are all available to you through Properties Discounted. You can stop fearing the involvement of a broker because we will take all the hassle out of your hands, and do all the hard work for you. Buy to Let property is a long term investment and if you make good returns, both to yourself and the lender, and manage your property well, you will be rewarded by the loan lender and be able to take more than one mortgage, letting you build up a property portfolio. Buy to Let is a highly voluntary act and can be equally rewarding as well if you can calculate the returns and finances well. So ring Properties Discounted now on 0800 7 999 999 and we will help you find the perfect Buy to Let property for you.
