Are you an established landlord or looking to become one? Buy to Let Mortgages (BTL) are aimed at those who buy property to rent it out. For good reason, property has always been seen as a wise investment as a part of a balanced portfolio. Over the last 20 years or so, Buy to Let has grown substantially.
Although, it’s now more important than ever that your finances are in good order as the market undergoes some significant changes.
Do you want to maximise your rental income?
Xpress Mortgages has access to a wide range of lenders & BTL products. We have experienced advisers to ensure that you can finance your property portfolio, gain the rental income you require or grow your capital.
Who can get a BTL mortgage?
- Those who want to invest in houses or flats
- Those can afford to take a risk. Investing in property is risk, so you shouldn’t takeout a BTL mortgage if you can’t afford to take that risk
- You already own your own home. You’ll struggle to get a buy to let mortgage if you don’t already
- You have a good credit record and aren’t stretched too much on your other borrowings. Otherwise you might struggle to get a lender to approve your buy to let mortgage
- You’re under a certain age. lenders have upper age limits, typically between 70 or 75. This is the oldest you can be when the mortgage ends not when it starts
Buy to Let mortgages are a lot like residential mortgages, but with some key differences:
- The fees tend to be much higher
- Interest rates on Buy to Let mortgages are usually higher
- Most lenders for a BTL mortgage require a deposit that is 25% of the property’s value
- The maximum you can borrow is linked to the amount of rental income you expect to receive
Protecting your investment
When you have bought a property as an investment, you want to have the cover in place to protect you from unexpected costs. Xpress Mortgages will review current policies or give recommendations that will make sure that you still receive your rental income if the worst was to happen.
Are you ready to build your property portfolio?
To arrange an appointment with one of our specialised BTL advisers, please contact us today. We will help you to build your property portfolio with the right advice.