In recent years buy-to-lets have become very popular. Such reasons for the increase in property investments include:
Secondary income from property
By investing in property, a modest monthly return over and above the mortgage payments can be drawn as additional income
Letting as a long-term investment
With repayment terms ranging from 5 to 30 years, many people are looking at buy to lets as a viable long-term alternative to traditional investment vehicles.
Planning for retirement
Many people in the UK are investing in property to supplement their income during retirement.
Whatever your reason, The Mortgage Depot can guide you through the buy to let process –
- Help with the understanding of the buy to let market.
- Determine what is affordable.
- Provide recommendations on suitable mortgage products given your specific circumstances and needs.
- Provide illustrations showing all costs involved in the buy to let process.
- Help you complete the formal paperwork for the mortgage.
- Gather all the relevant information the lender will need to support the application.
- Recommend trusted and used professionals such as solicitors and accountants if required.
- Liaise between all the interested parties making sure that everything runs smoothly.
- Keep you informed of the progress of the mortgage and deal with any questions or concerns you may have.
You may already have a buy-to-let mortgage that has not been reviewed for some time. This may mean the interest rate you are paying is uncompetitive and could therefore be reduced by looking at remortgaging.
You may wish to consider a remortgage to raise additional capital, which you can then use for various purposes.
Whether you are a professional landlord or looking to purchase your first buy-to-let, The Mortgage Depot is here to help.
Please note; Investing in Buy To Let properties is not for everyone. For example, there may be periods when the property is vacant, so you need to make provision to ensure the mortgage payments are covered during this time. Bad tenants can cause you stress and leave your property needing repairs once they have left. There are regulations governing the letting of property and you need to make sure you comply with these regulations.