Are you an experienced landlord or are you considering your first buy to let purchase? With recent taxation changes and lenders changing their lending policy on an ongoing basis, it is now more important than ever to get sound mortgage advice.
How much can I borrow?
A lender typically wants you to have a 25% deposit but this can vary. The amount you can borrow is then calculated by the rental income and the amount of deposit you can put down, but other factors are also considered, your personal income, age and credit history amongst others things.Can I use equity from my home?
Yes, if you have sufficient difference between your present mortgage balance and the value of your home, you can use some of this equity towards your deposit for the buy to let property purchase. Here at Wolsey Mortgage Company, we can help you with your current mortgage and your buy to let mortgage making the process as stress free as possible. We’ll also liaise with the lenders and solicitors to help the process along.Do I need a Buy to Let mortgage?
If you are buying a property with the intention to rent it out, then you will need a buy to let mortgage. The terms of a buy to let mortgage differ from a residential mortgage. We have access to a variety of both high street and non high street lenders, we can search the market to find the best deal for you and your circumstances.Do i need to take into account anything else?
There will be running costs when owning a buy to let including any letting agency fees, gas and electrical safety, tax liabilities, tenant deposits and ongoing maintenance.
The Financial Conduct Authority does not regulate some forms of Buy to Let.
Your property may be repossessed if you do not keep up repayments on your mortgage.
We will charge a broker fee of between £0 and £275, payable on production of mortgage offer. The amount we will charge is dependent on the amount of research and administration that is required.