A buy to let mortgage is designed for those who want to buy property to rent out to a third party. As with a residential mortgage you can choose between fixed, discount and other mortgage types. However, the key difference is working out how much you can borrow. Buy to let mortgage lenders usually base their decisions on the likely rental income from the property instead of the applicant's annual income.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Embrace Financial Services usually charges a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £499 to £999 and this will be discussed and agreed with you at the earliest opportunity.
We can help you with:
An extensive choice of mortgage products specifically designed for Buy to Let investment or Let to Buy financing.
Interest only or capital repayment options.
Insurance cover available specifically for Buy to Let properties.
Arranging your first Buy to Let mortgage or arranging finance for a portfolio of Buy to Let properties.
Specialist types of Buy to Let mortgages including Student Lets and Houses in Multiple Occupation.
Use the Embrace Financial Services Buy to let calculator to work out the required rental income that may be needed from your proposed Buy to let property.
The calculator provides a Loan to Value percentage which is the ratio of your mortgage expressed as a percentage of the value of the property. The calculator also suggests a higher and lower figure for the rental income that a lender may require to support a given mortgage. The higher figure assumes a mortgage interest rate of 5.09% and the lower figure a rate of 4.49%. Both calculations are based on the lender requiring 125% of the monthly mortgage interest payment as a rental income. Please note that the exact criteria may vary from lender to lender.