Are you looking to buy a rental property as an investment? The buy-to-let mortgage market has been hit hard in recent years due to a tightening on lending criteria by mortgage providers, but you can still obtain a buy-to-let mortgage if you meet the lender’s eligibility criteria. Do be aware that mortgage providers are now much more cautious in their lending, and require a sizeable deposit of at least 25 percent of the value of your property before they will consider approving a buy-to-let mortgage.
You may have already chosen the property that you would like to buy to let, or alternatively you may need to consult an experienced expert about the types of property that would prove a sensible investment, yielding the highest possible return. However far you are along in the process, our tools and rate calculators will help you to make an informed decision. Once you are ready to talk through your options with a qualified advisor, simply fill out our short form and we will connect you to a buy–to-let mortgage advisor from the SimplyFinance network.
Buy to Let Tips
- Research the market. Do some research before you decide to buy a property. It's important to have an understanding of the property market and the predicted trends over the coming years.
- Find a promising area. When you're looking to buy a property to let, think about buying in up and coming areas. Don't necessarily only consider the affluent areas or discount the dodgy parts of town, but think about finding a property in an area that is likely to increase in popularity due to factors including planned regeneration and improved transport links.
- Think about who you want to rent to. Consider the type of tenant that you would ideally like to rent to (students, families, professionals), and try to find a property that is likely to be attractive to that type of person, because essentially you are not buying a property to suit your tastes and needs, but those of your target market.
- Shop around for a mortgage. Don't take the first buy to let mortgage you're offered. Interest rates vary widely between different lenders, so it's best to get a number of quotes in order to find the one that's best for you. An independent mortgage broker will be able to search across multiple lenders to find a wide selection of products for you.
More Buy to Let Help
Remortgage Loan To Value Calculator
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Landlords Losing Sleep Over the Housing Market
Why this is the Best Time in Years to Remortgage
Sarah Beeny's Top 10 Tips for Buying to Let in 2010
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Internet or High Street - Where would you go to find your next home?
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Watch out for Mortgage fees when Shopping Around for a new Mortgage
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