Investor

Investor

Investment Mortgage Brokers in Milton Keynes

Investor Mortgage Broker

Buy to let mortgages do differ in several ways from standard mortgages. When lenders are considering approving a buy to let loan, they generally base their decision on the likely rental income from the property and not necessarily the applicants' income.

A prospective landlord needs to be aware that the rental income typically needed is 125% of the mortgage repayment although this can vary from as little as 100% rental income up to 145%. The mortgage repayment amount they use to ‘test’ the rental income is not based on the actual rate you would be paying it is based on a higher rate which is typically between 4.5 –5.5%.

Another difference with Buy to let mortgages is that as a Buy to Let landlord you do have a choice between interest only and repayment mortgages.

The Buy to Let market is continuously changing and we aim to keep our advice clear and simple to help you make the right decisions for you, our expertise in this market means we can help you find the best product to suit your requirements.

Investor Section

Letting agents in this area: Elevation

Stamp duty costs for buy to let property.

Please speak to Simon and Davies at Rapture accountancy about setting up company buy to lets.

All of our brokers deal with the whole of the mortgage market. It doesn’t matter what the question or when you want to speak to us, we have brokers available on the phone or face to face seven days a week. Whether you are just thinking of buying a home and have no idea where to start, a seasoned investor or someone looking to better your current mortgage product, we are happy to help andchat over ideas free of charge.

So we can give you plain and simple advice we will run through some basic questions to help us tailor products to suit your needs. Upon us taking your application forward we will write to inform you that we have given you advice and give you a Key Facts Illustration breaking down the important elements of the product and the fees involved.

For us to take your application forward to a lender we charge an upfront administration fee of £495. For our returning customers looking to renew their mortgage product this fee reduces to £250. We also receive commission from the lender.

Our fee is payable upon mortgage application. The typical fee for a regulated mortgage is £495. However, for applications involving a poor credit history or loan amounts under £50,000, an additional fee of £150 will apply.

For existing customers, we offer a reduced fee of £250 for remortgages and £395 for purchases, with no charge for product transfers.

For buy-to-let mortgages, the fee is £595, and for limited company buy-to-lets, it is £695. Fees for commercial mortgages are determined by the nature of the finance and the loan structure, with a minimum charge of £1,000. Additional fees may apply.

We will receive commission from the lender in addition to the fees you pay. As with all insurance policies, conditions and exclusions will apply.

Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.

Covering Milton Keynes.

Registered Office: Mortgage Light Ltd, 15 High Street, Brackley, England, NN13 7DH. Registered Company Number: 8184773. Registered in England & Wales.

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