Buy to Let | Finamply

Buy to Let Mortgage Advice

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The Bank of England is expected to increase the Base Rate soon - which means lenders may increase interest rates and repayments may become more expensive.

Some lenders have started to increase their rates already.

This means that you could save money by securing a lower rate now - even if your current deal doesn't finish for up to 6 months.

Don’t miss out! Find out how much you could save.

Speak to one of our mortgage experts for a no obligation quote.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.

Your property may be repossessed if you do not keep up with repayments on your mortgage.

There may be a fee for our advice and service. The actual amount you pay will depend on your circumstances. The fee is typically £998.

*Representative example: If you borrow £255,000 over a 25 year term on a fixed interest rate of 4.41% for the first 2 years, followed by 7.65% variable for the remaining term, your monthly payments for the initial 2 years will be £1,408.51. Representative APRC of 7.3% variable. The total amount of interest and capital you'll repay over the term of the loan will be £553,892.20. This example includes £1,124 of fees in total, which may be payable to the lender or to Finamply.

Finamply Mortgages Limited is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority. Finamply Mortgages Ltd. Registered Office: 1 The Links, Herne Bay, Kent, CT6 7GQ. Registered in England Number: 10785015

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Your property may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.

3 Great Reasons

To Remortgage

Bespoke Mortgage Advice - Every Step Of The Way

Secure A Better Deal

You may be paying more on your existing remortgage than you should. Secure a lower Fixed Rate by switching mortgage providers.

Release Funds

Access additional cash by releasing money from your home for home improvements & renovations, a 2nd home deposit, or even a holiday!

Consolidate Debts

Pay off high-interest expensive debts (e.g. credit cards, personal loans, or overdrafts) with a debt consolidation remortgage.

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Expert Buy To Let Mortgage Advice

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If you're purchasing a Buy to Let or remortgaging - start your application now to find a better deal.

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Mortgages can get complicated fast – especially if you have a complex situation. Our Advisers are experts in Buy to Let mortgages.

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We'll secure your mortgage and can help find you solicitors, insurance and protection cover to complete your mortgage journey.

There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.

Your property may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.

Bespoke Mortgage Advice - Every Step Of The Way

Discuss your options

Speak to a friendly, expert Adviser about your unique mortgage needs.

1

Compare Deals

We'll search thousands of products for the perfect mortgage.

2

Submit Your Application

Your Adviser and Case Manager will complete your application and liaise with the lender.

3

Support Your Journey

We'll secure your mortgage and can help find you solicitors, insurance and protection cover to complete your mortgage journey.

4

The Bank of England could change the Base Rate at any point - which means lenders may increase interest rates and repayments may become more expensive.

Some lenders have started to increase their rates already.

This means that you could save money by securing a lower rate now - even if your current deal doesn't finish for up to 6 months.

Don’t miss out! Find out how much you could save.

Speak to one of our mortgage experts for a no obligation quote.

Review Your Mortgage Now

The Bank of England could change the Base Rate at any point - which means lenders may increase interest rates and repayments may become more expensive.

Some lenders have started to increase their rates already.

This means that you could save money by securing a lower rate now - even if your current deal doesn't finish for up to 6 months.

Don’t miss out! Find out how much you could save.

Speak to one of our mortgage experts for a no obligation quote.

Review Your Mortgage Now

FAQs

Are Buy-to-Let Interest Rates Different from Residential Rates?

Even the cheapest buy-to-let mortgage rates tend to be a little higher than the rates on residential properties as buy-to-lets are riskier investments for lenders. For example, if you have a mortgage on your home and a mortgage on a rental property, but you find yourself able to make only one of these monthly payments, it’s very likely you’ll prioritise the mortgage payment on your home over the one on the rental property. Therefore, to compensate for the additional risk, buy-to-let lenders set interest rates slightly higher. They also usually require a bigger minimum deposit – usually at least 25%.

How Many Buy-to-Lets Can I Have?

Lenders have different rules regarding how many mortgages you can take out with them for buy-to-let properties. There are also some limits based upon your entire portfolio, including any properties mortgaged with other lenders. Many high street lenders cap the number of buy-to-let properties at 3 - 5, but there are some lenders that work exclusively with portfolio landlords who own 4 + properties.

How Much Can I Borrow for a Buy-to-Let?

The amount you can borrow and the rates available to you will depend on the size of your deposit and your expected rental income, as this will determine how much you’ll be able to afford in monthly interest payments.

Can You Change a Residential Mortgage to a Buy-to-Let?

You can apply for consent to let on your residential property from your current lender if you only intend on renting it out for a certain period of time - e.g. a year. Alternatively, if you want to let out your current home indefinitely and maybe release some equity from it at the same time to buy a new home, you’ll want to consult a mortgage broker about letting to buy.

Can a First-Time Buyer Get a Buy-to-Let?

It is possible for a first-time buyer to take out a mortgage on a buy-to-let property but there are very few lenders available that offer these kinds of niche products, so you may want to consult a mortgage broker.

Can You Get Mortgage on a Buy-to-Let Property with a Deposit of Less than 25%?

There are a few buy-to-let lenders that offer LTVs (loan-to-values) higher than 75%. You may want to speak to a mortgage adviser if you’re after one of these slightly more specialist mortgages as they tend to be relatively expensive.

What Should I Do if I’m Coming to the End of My Fixed Rate Buy-to-Let Mortgage?

If you’ve got 6 months left on a fixed rate, and you don’t want to pay an ERC (Early Repayment Charge) to switch to a new rate now, you can fix a deal 6 months in advance of the end of your rate with most lenders - this is possible as most mortgage offers are valid for 6 months. That way, if rates continue to decrease between now and then you can look at switching to a lower rate in that time. On the other hand, if rates continue to increase you’ll have secured your rate and won’t be affected by any impending rate increase in that time. A win-win in any outcome.

I Have a Year Left on My Buy to Let Fixed Rate – Do I Remortgage Now?

For those in a fixed rate with a year left or longer, wondering whether it’s worth paying an ERC (early repayment charge) to tie in for a new deal now - rather than reviewing in 6 - 9 months’ time when rates may have increased - you need to take into consideration the costs of this decision, the ERC percentage and other associated fees the lender may have for clearing the loan early. It's best to speak to a broker if you’re in this situation. They’ll be able to establish whether the savings you’ll make by switching to a new deal early are worth the ERCs.

How quickly can you arrange my remortgage?

It depends! We would normally expect the mortgage application to be approved within a 2 to 3 week period and then you may need to allow a further 3 week period to complete the legal process. Some lenders are faster than others. If speed was a key concern for you, your mortgage broker may recommend certain mortgage providers to assist with a faster turnaround.

By completing the form you agree for Finamply Mortgages to contact you to discuss your requirements. Full details on how we process your personal data and your rights as a data subject can be found in our privacy policy.

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