DRAKE MORTGAGES ARE EXPERT BUY TO LET MORTGAGE BROKERS
We are perfectly placed to help you find a buy to let mortgage solution that matches your property needs for individuals, families, investors, landlords and Limited Companies.
A ROBOT FREE ZONE
Our buy to let brokers are real people who want to help you. They will listen to your needs, however complicated they may be, and work to get the best outcome possible.
You will receive independent mortgage advice, we deal with all of the BTL lenders including High Street, specialists and commercial so our clients get the maximum choice.
We are property owners and investors as well. This provides us with valuable experience as a landlord which we can use to further help you.
Why use a buy to let mortgage broker?
We deal with your potential lenders everyday, so we know their criteria and the types of borrowers that they are accepting.
Some lenders only work via a broker and do not allow direct applications. So we can give you a wider choice of mortgage products and options.
We are with you all the way! From our initial research, to helping with the paperwork and then chasing the lender until completion. We are always on your side.
How Can We Help You?
Whether you are starting or expanding your property portfolio, buy to let mortgages are available up to 75% loan to value.
The property must be in the UK and must be let under an Assured Shorthold Tenancy (AST)
A clean credit history gives a good choice of lenders and first time landlords are acceptable. Minimum age 18-21
Buying a buy to let property through a limited company may offer attractive financial benefits to some landlords – for example, higher rate taxpayers who have a portfolio of properties may find it more tax-efficient to own them within a limited company.tell me more
If your buy to let fixed or tracker rate is due to end soon you could benefit from remortgaging onto a new deal. This could be via a product transfer with your current lender or remortgaging over to a new lender. Either way our experienced brokers are here to help you.tell me more
In terms of mortgage lending for buy to lets, holding 4 or more properties classes you as a portfolio landlord in the eyes of the lender. The mortgage basics are the same as a normal buy to let but you will need this type of loan for your 4th BTL and for all subsequent purchases.tell me more
What is a buy to let mortgage?
A buy to let mortgage is a mortgage that allows someone to purchase a residential property with the aim of letting it to tenants using an Assured Shorthold Tenancy (AST).
It is similar to a standard residential mortgage but you will not be living in the property yourself. You don’t need to have an existing residential property to apply for a buy-to-let mortgage.
You will also have the option of whether it is set up as an interest only or repayment mortgage. Don’t forget that if you choose interest only although the monthly payments will be lower the debt will not decrease and you need to plan for its eventual repayment.
The usual choices of fixed interest rates and trackers will be available but are likely to be slightly more expensive than an equivalent residential mortgage.
BTL rental properties must be let to tenants using an Assured Shorthold Tenancy AST agreement. The rental income will be used by the lender to calculate the mortgage available.
If you rent out a property with a residential mortgage, you’ll be in breach of your mortgage agreement which could put your property at risk of repossession. To satisfy the agreement you need to either obtain a consent to let from your current lender or remortgage to a buy to let product.
You should be aware that buy to let mortgages are not usually regulated by the Financial Conduct Authority (FCA).
COMPLEX BUY TO LET
Multi-Unit Freehold Block (MUFB)
A Multi-Unit Freehold Block is a single freehold property that contains several residential letting units.
At its simplest an MUFB could be a block of flats held under under one freehold title.
Similar to an HMO these multi-unit properties have good yields which will be higher than the vanilla buy to let alternatives.
These property types come under the umbrella of a ‘complex buy to let’, which includes HMO, MUFB and semi-commercial (shop with a flat above).
Mortgages for a multi-unit freehold are available from buy to let mortgage lenders and specialist lenders.
- Maximum loan to value (LTV) tends to be 75%
- Existing landlord or first time landlord (FTL)
- Personal investment or limited company/SPV
Green Mortgages for Buy to Let
Green Mortgages are a very new concept and are designed to support those investors who wish to reduce their impact on the environment. More lenders are joining the market with new green mortgage products and competitive rates and criteria.
What are Green Mortgages?
Green Mortgages are a new type of buy to let finance that is designed to encourage property owners to make energy efficient improvements to their homes or purchase greener properties.
The advantage to property investors is generally financial by way of a lower interest rate.
So who can apply for a green buy to let mortgage?
The green mortgage market is still in the early stages so there are not too many lenders in play.
However, they are available to:
GIVE US A CALL ON 020 8301 7930 TO DISCUSS GREEN MORTGAGES WITH ONE OF OUR BUY TO LET BROKERS.
YOUR BUY TO LET BROKER
SEEING YOUR POINT OF VIEW
We have been brokers, advisers and property owners since mainstream buy to let arrived in the UK. As property investors and landlords ourselves we know the upsides and downsides to owning and renting property.
We are more than happy to arrange the plain vanilla buy to let mortgages. With our extensive access to all of the major BTL lenders you will get a great product. But we are very happy to hear about your problems, projects and future plans as well. Some issues just need another point of view before an outcome can be visualised and planned for. That’s an area that we are particularly good at.
Please call us on 020 8301 7930 to discuss your buy to let ideas.
BUY TO LET MORTGAGE ADVICE
As an independent mortgage broker with over 25 years’ experience, we are perfectly placed to advise you and find a Buy to Let mortgage that matches your property needs. Drake Mortgages has access to the whole of market and is experienced in finding the most suitable mortgage product for less conventional situations including HMO’s and multi-units..
With the recent changes to Buy to Let and Let to Buy, it’s never been more essential to get the right advice.
Speak to an expert about buy-to-let mortgages
The right advice is crucial when starting or expanding your property portfolio. With over 20 years advising on buy to let mortgages we are well placed to assist all landlords.
Call 020 8301 7930 to start your journey with us.