Getting a buy-to-let mortgage
A buy-to-let mortgage is unique compared to a residential mortgage. You’re not purchasing the property to live in, you’re heading straight for the rental market.
And so, there are some extra considerations, such as interest rates, the Bank of England’s base rate, and the Loan-To-Value (LTV) ratio. If you’re unsure, don’t worry too much. Our team of advisers will explain these and ensure you know how these may affect your mortgage.
At Mortgage Synergy, our experience speaks for itself. We’re the experts, so rest assured we’ll cover all bases and get you the best buy-to-let mortgage for your circumstances.
Why work with our buy-to-let mortgage advisers?
There are two types of buy-to-let mortgages to think about: fixed-rate mortgages and variable-rate mortgages. A variable buy-to-let mortgage has it’s pros and cons in the long-term. Or if you prefer the idea of consistent monthly repayments, fixed rates are best.
Our buy-to-let mortgage advisers can talk you through your options and ensure you have the information necessary to make an informed decision.
Alongside helping you choose the right mortgage, our team is here to:
- Check your eligibility
- Clarify the differences between buy-to-let and residential mortgages
- Assess your financial situation
- Compare all the leading mortgage lenders on the UK market
- Explain the costs
- Make you aware of the tax implications of buy-to-let mortgages.
- Find you the right mortgage for your needs.
Your goal is to start receiving a steady stream of income from a property, making it all the more important to get the right mortgage.
We make the complexities to buy-to-let mortgages simple
Our buy-to-let advisers understand the complexities of buying a property with the intention of renting it out. Most buy-to-let mortgages are interest only, so you’ll only pay the interest of the loan back each month—this differs from a residential mortgage. It’s crucial you know when and how to pay back the mortgage.
Rest assured, we’ll share our expertise and guide you through the process. With a thorough understanding of your finances, we can help you to make a plan to repay the full capital amount when it’s due. Let us tailor our advice and recommendations to your unique circumstances.
Get in touch for a fee-free consultation
Coming to us for advice isn’t only about getting you the right mortgage on your terms, but also about what happens when the buy-to-let mortgage ends. Should you need any advice or additional help, our buy-to-let mortgage advisers are a phone call away. Or you can pop into our King’s Lynn office—whatever suits you best.
Some Buy to Let Mortgages are not regulated by the Financial Conduct Authority.
FAQs
Lenders typically offer buy-to-let mortgages on an interest-only basis. The monthly payments you make only cover the interest on the loan. The capital debt accrued through your buy-to-let mortgage doesn’t decrease unless you make additional payments or take out a repayment mortgage.
After the mortgage ends, you’re obliged to pay back the full capital amount. As this can be a significant sum, it’s important to think about this expense when applying for a buy-to-let mortgage.
A buy-to-let mortgage is possible as first-time buyer if you want to get started in the rental market. Since you’re new to the game, there may be a few more steps to the process. Our buy-to-let mortgage advisers will ensure your application positions you in the best light as a first-time buyer.
Where a deposit for a mortgage on a property you intend to live in is often between 5% and 20%, buy-to-let properties can be different. For lenders to mitigate risk, a higher deposit may be necessary. It depends on the property value and the lender, though, so it’s best to speak with one of our advisers to find out.