Buy to Let Mortgages for You.
If you're Buying to Let in Northern Ireland, we can help!
There are many Buy to Let mortgages are out there waiting to be found.
But as your Buy to Let is an investment for your financial future, it's important that you get the most suitable Buy to Let mortgage deal for you.
Any investment carries an element of risk and property investment is no different. So the BPS team apply their knowledge and mortgage expertise to help minimise that risk.
What makes a Buy to let mortgage different?
Fundamentally, a Buy to Let mortgage is similar to a mortgage you'd take to buy your home. However, as it's an investment vehicle, lenders will generally ask for more in terms of a deposit (typically at least 25% of the purchase price), offer higher interest rates and charge higher fees.
With this all in mind, it's very important that you choose the mortgage that makes the best financial sense for you.
It's also worth noting that Buy to Let mortgages are not regulated by the Financial Conduct Authority.
How much can you borrow with a buy to let mortgage?
With buy to let mortgages, lenders link the amount you borrow to the amount of rental income you expect to receive. In most cases, this should be a quarter to one third more than the monthly mortgage repayment. BPS can help you to identify what rental potential might be and so establish affordability.
Your property may be repossessed if you do not keep up repayments on your mortgage.
What else do you need to consider when getting a buy to let mortgage?
A buy to let can be a good financial investment - if you've done your sums right:
- Get professional advice on legal, tax, financial and property management.
- Factor in periods when the property might be empty, defaulting tenants or achieving a lower rent than anticipated.
- Remember that your property may fall or rise in value.
- Think about ongoing costs such as maintenance and insurance.
- Think about tax incurred by the sale, purchase or rental income.
While BPS can advise on the most suitable buy to let mortgage for your individual circumstances, we cannot advise on the suitability of any property for rental.
Getting a buy to let mortgage - A BPS guide.
Our expert mortgage advisors are here to help you:
- Establish that you meet the criteria and affordability.
- Find the perfect Buy to Let deal for you.
- Make the application process as easy and straightforward as possible.
- Liaise with your lender, solicitor and valuer throughout.
- Advise on insurance and protecting your home, family and lifestyle.
For your Fee Free Mortgage Consultation call us on 028 3833 8000 or visit the BPS team at our offices in Portadown, Moira or Belfast - or we can come to you. We already help clients across Northern Ireland and the UK.
Your home may be repossessed if you do not keep up repayments on your mortgage.
We do not charge a fee for our services, we receive commission from the provider.