Buy to Lets

What is a buy to let?

Buy to let mortgages are for landlords who want to buy a property to rent it out to people. There are variations on this depending on if you have lived in the property before or if you are renting it to a family member so please be sure to mention this to you broker when you speak to them. It is very important to understand that very few buy to let mortgages are regulated by the FCA.

 

I have no idea what you just said to me…. 

If that sounds like what you’re thinking, you’re not alone. Part of the initial hurdle is getting your head around the terminology, we can help with that. A mortgage is likely to be the biggest sum of money most people borrow in their lives, it’s very important to understand what you are getting. Be sure to ask any and all questions you have when speaking to your broker.

Aside from the lingo there are an enormous number of options available depending on various factors ranging from your credit history, deposit size or rent on the property. We are on hand to answer any questions and make sure anything we discuss is affordable for you.

 

The basic process that you should expect:

  • For a buy to let, aim to save a deposit for between 20-25% of the property value of the property you want to buy
  • Ensure can cover any extra fees and costs, such as stamp duty ,for example
  • Get your decision in principle; you’ll want this asap to be able to put an offer on the property and to be confident the lender can provide the mortgage
  • Go house hunting!
  • Once you have an offer accepted on the property, you’ll need to get your documents together for the application
  • We will then handle the application and everything that comes with it
  • Prior to completion you’ll need to have at least buildings insurance – we can help with this too!
 

Can’t I just do this myself though?

The short answer is yes. The longer answer is you could, but it would take you a very long time going to every lender. Some lenders are broker-only and there are a host of smaller lenders that most people haven’t heard of, they can all have some great deals that you could miss out on without a broker.

We can search for mortgages across the whole market for you with the knowledge to pick out lenders that fit your circumstances. We will only ever recommend a mortgage to you if you are better off taking it than not, we will never recommend anything, remortgage or otherwise, that doesn’t make sense to your situation. That aside there is no cost to get the figures, so there’s no downside to finding out your options and seeing what kind of savings are available to you!

How much will this cost?

This really depends on the situation,  generally, you’ll expect some fees from the lender. The best thing to do is to give us a call and see what’s available. We always aim to get you some options , usually 2, 3 or 5 years, based on the total cost over the period on the same day. We do charge a broker fee which is only payable on mortgage offer; after going through the application and the lender agreeing to lend you the mortgage. The cost is entirely dependant on the size of your mortgage and will always be disclosed during the initial conversation over the phone.

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JW Mortgages Limited is authorised and regulated by the Financial Conduct Authority.

The Financial Conduct Authority do not regulate Buy to Let Mortgages.

J W Mortgages Limited is registered in England and Wales.  Registration Number: 10086660.  Registered Address: 1 Bamburgh Close, Rushden, England, NN10 0TD

Registered in the UK. Company Number: 10086660 with FCA number 938878

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE 

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