If you can get your property and mortgage at the right rates, then you have the perfect platform for success. This is where we can help you. We understand your needs as an investor – how much you are willing to spend and what your requirements are – and we fulfill them.
Understanding Buy-To-Let (BTL) Mortgages
These mortgages are designed for landlords who want to buy a property for the purpose of renting it out. While the rules regarding these mortgages are largely similar to standard mortgages, there are a few significant differences. This includes the following:
- Most BTL mortgages are not regulated by the Financial Conduct Authority (FCA), albeit there are some exceptions
- Most BTL mortgages are interest-only – please head to our “mortgage types” page for more details on this
- The minimum deposit required is typically 25 percent, although this does range from 20 to 40 per cent
- Interest rates and fees are usually higher
How Much Can You Borrow For A Buy-To-Let Mortgage?
The concept of a buy-to-let mortgage may be simple, but securing the right BTL mortgage isn’t. There are lots of different variables when it comes to getting the right mortgage. This includes everything from various calculation rates to portfolio lending. In terms of how much you can borrow, you will typically need your property’s rental income to be around 25 to 30 percent higher than your mortgage payments. You are also going to need to factor in the taxes you could be liable for, including Income Tax and Capital Gains Tax. There are also the changing rules around Mortgage Interest Tax Relief to contend with.
Choosing the wrong advisor could be a mistake you live to regret for the rest of your life! Here at Contractor Mortgages Direct, not only do we have thousands and thousands of mortgage products available, but also we understand your unique situation. We have specialised in contractor mortgages, including buy to let products, for many years now. We know exactly what these lenders are looking for when they deal with contractors, and we know the best products for your situation. Limited Company BTL mortgages are often very popular with high earners, and we can explain these products to you fully so you can determine whether this is a solution that would be right for you.
Call Contractor Mortgages Direct Today To Discuss BTL Mortgages
If you would like to find out more about our buy to let mortgages, or you have any queries about these mortgages in general, please do not hesitate to get in touch. You can send us an email or why not give us a call to speak to one of our experienced and friendly advisors directly? They will provide you with a free, no-obligation consultation so that you can get a better idea regarding the options available to you and how we can assist you in moving forward.
Give us a call to get a comprehensive quote tailored to your position and circumstances as a contractor, get in touch or call us today and speak to one of our expert mortgage brokers on 0203 827 8560.