Buy To Let Mortgage Lenders

There were 526,200 Buy to Let mortgages in place in the Winter of 2004. This accounted for 6% of the total money borrowed at the time in mortgages. this gives you an idea of the magnitude of the market. Loan to value ratios vary, although most lenders will not go above 85:15 as they see landlords as more risky than residential mortgages. The majority of Buy to Let deals are on an interest only basis, possibly because interest payments are tax deductible whereas capital repayments are not.

 

There are currently over 40 mortgage lenders offering Buy to Let Mortgage deals. Most require a 15% deposit and regard the most important lending criteria as the expected renatl income. They generally require around a 125% of mortgage repayment rental income. A valuation will probably be done to estimate the rental income.

 

Birmingham Midshires is a very good Buy to Let Mortgage Lender. They will lend to the self employed as well as employed, and have the pedigree of a 150 year history behind them.

 

UCB Home Loans have established competitive products to cater for the Buy to Let remortgage market. With more and more investors lenders have increased competition on Buy to Let's, enabling landlords to save money by remortgaging at the end of their 2 or 3 year periods. UCB Home Loans offer free standard valuation fee and no reservation fee on a number of their Buy to Let products.

May, 8th 2007 TRY OUR MORTGAGE LENDER SEARCH TOOL

Choosing the right mortgage or remortgage

With so many mortgage products on the market... Fixed rate, trackers, capped, interest only, flexible rate, variable rates, offset... it can be difficult to decide which is the best to meet your goals. The criteria that each lender are looking for in a borrower are different as well. Meaning it can be difficult to make a complete application swiftly and efficiently.

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