Buy to let mortgages are specifically designed for landlords buying property with a view to renting it to tenants. They provide a quick and easy way to get started as a property investor and work in much the same way as other mortgages. However, buy to let mortgages tend to be regarded as involving higher risk for the lender and as a result often involve higher interest rates and bigger minimum deposits. Therefore they tend to be more expensive than a normal mortgage. Although they may cost slightly more, they provide the opportunity to own property that will provide you with a steady rental income and a solid step on the property ladder.
Choosing the right buy to let mortgage is vital to ensure the viability of your investment decision. However, some buy to let mortgages are not regulated by the Financial Conduct Authority. Therefore, all the more reason, to use an experienced independent financial advisor who can provide you with impartial advice and ensure you make a sound, and secure, investment with a lender you can trust.
The Directors of Pareto Financial Planning, the independent financial advisor we are partnered with, have over 20 years of relevant experience. From advising newcomers to property investment to veteran landlords, they can help you select the best buy to let mortgage for you. They will offer guidance on the purchase and financing of a single property or on an entire buy to let portfolio. Moreover, they have access to some mortgages that are not offered direct to the public and so can look at wider range of loans to find one that is just right for you. Their services do not stop there either because they also offer all their clients an annual mortgage review to ensure that you continue to get the most for your money.
Your home may be repossessed if you do not keep up repayments on your mortgage.