Buying a house for the first time can seem daunting, especially if you’re unsure what you’re letting yourself in for. After all, there’s a lot
Buying a house for the first time can seem daunting, especially if you’re unsure what you’re letting yourself in for. After all, there’s a lot
The options are endless when it comes to investing in property. Whether you’re buying the one to invest in for your future or setting up a brand-new empire over the next few years. We’ll make sure you receive genuine advice that’s not driven by social media gurus. We’ll help you source, plan, and navigate the best way to get the most from your investments.
I want to
Buy to Let mortgages are for landlords that want to buy property to rent out to a tenant and generate an additional income. Buy To Let mortgages do have a lot of similarities to a standard mortgage (you’ll find that most lenders will have some form of Buy To Let mortgage product), though there are a few things around the criteria that are different.
Typically, Buy to Let mortgages are a bit more expensive than the type of mortgage used to buy your own home. That’s because traditionally, lenders see getting rent from tenants to be more of a risk than a homeowner making their own monthly mortgage repayments. You must meet the lenders criteria to successfully receive a mortgage offer, as with any mortgage. In many cases lenders will work out your affordability based on the potential rental income the property you’re looking to buy will make.
We specialise in making the mortgage process simple and straightforward. Our years of invaluable experience and expertise in finding the most suitable mortgage for your new property.
We search the whole of market, looking and comparing 1000s of mortgage rates for you. We’ll review your eligibility across hundreds of lenders and make sure to find the most suitable deal for you!
You’ll be assigned a dedicated mortgage adviser and case manager from your first call with UKMC, providing you with a single point of contact throughout your investment journey, ensuring you won’t be passed around to different team members for each query.
Your personal buy to let mortgage adviser will liaise with your chosen lender, surveyor, and solicitor on your behalf, helping to minimise stress and save you valuable time.
With our easy access portal, you’ll be able to seamlessly access and download comprehensive reports on your property with just a few clicks.
Reports include:
Broadband speed
Energy efficiency rating
Property price trends in your postcode
Breakdowns of property types, tenure, professions, and crime in your area
Flood risk
Geology report
Infrastructure projects
Radon risk
You can also access a handy home buying check list!
Life happens, and let’s face it, when you work a 9-5 job, it’s often impossible to make appointments during standard business hours. That’s why we offer late-night appointments 5 days a week. We are committed to accommodating your schedule, ensuring you receive the support you need at a time that works best for you.
A limited company buy-to-let means a company, not an individual, owns and manages the rental property. This can be tax-efficient for higher-rate taxpayers. The company legally own a property through a property loan.
A HMO mortgage is a specialised loan for financing houses in multiple occupation, like a buy-to-let mortgage and are often interest only with fixed or variable rates.
A holiday let mortgage is for those who want to borrow money to buy a property for short-term rentals to tourists as a business.
Buy To Let mortgages are for Landlords that want to buy property to rent out to a tenant and generate an additional income.
Buy To Let mortgages do have a lot of similarities to a standard mortgage (you’ll find that most lenders will have some form of Buy to Let mortgage product), though there are a few things around the criteria that are different.
For example, Buy To Let mortgages affordability may be assessed on how much Rental Income can be generated, rather than the amount of money you earn. The product fees and interest rates tend to be a little higher than a standard mortgage and it’s usually easier to have these mortgages on an interest Only repayment basis.
Typically, Buy To Let mortgages are a bit more expensive than the type of mortgage used to buy your own home. That’s because traditionally, lenders see getting rent from tenants to be more of a risk than a homeowner making their own monthly mortgage payments. You also need to be aware that lenders will take into account extras such as maintenance costs, agent’s fees and landlord’s insurance when working out how much you can borrow.
A Buy To Let mortgage can be for someone who wants to become a professional landlord or already owns properties and wishes to add to their portfolio. Others who may need to apply for a Buy to Let mortgage are ‘accidental landlord’s’ – those who own their home but would like to rent it out. If it’s for less than a year, you can apply for a Consent to Let. For longer than this period, you may want to think about switching to a Buy To Let mortgage.
Becoming a landlord might be planned, or by default you inherit a property. Either way, the asset you have can help towards your overall property investment strategy.
The amount you can borrow with a Buy to Let mortgage is calculated in a different way to most other mortgages:
Your mortgage amount is typically based on how much income you will earn renting out the property.
This is what’s called your Income Coverage Ratio – it’s there to make sure your rental income is enough to cover the total cost of your mortgage and associated fees.
Lenders also use something called stress rate. This factors in your income and existing debt to calculate whether you could afford a higher rate of interest.
Yes! Most lenders will allow you to remortgage your main home and raise the deposit needed in order to Buy to Let. You’ll need to double check you have sufficient Equity within your home, the affordability stacks up, and that the money raised is enough to put down as a deposit.
This is one of the most common ways that we find people invest in property for the very first time.
*You may have to pay an early repayment charge to your existing lender if you remortgage early.
There is no strict limit, but some mortgage lenders may impose restrictions on the number of mortgages, or the total amount borrowed that they allow you to have.
You can either book a call here at your convenience or give our friendly first-time buyer mortgage broker team a call today on 01925 573328
Request a call back at a more convenient date and time using our online contact form, or simply send us your enquiry via email
Why not speak to our supportive team in-person. Located in the heart of Warrington, this family-run business also welcomes office visits
Find expert guidance, and all the information you need to make informed decisions on your path to homeownership.
UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. FRN – 826982. Registered in England & Wales: 11614569. As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee, starting from £345, for our advice given. Your dedicated advisor will discuss this further on your free initial phone call.
The guidance and/or advice obtained within our website is subject to the UK Regulatory Regime and is therefore primarily targeted at customers in the UK
