Buy to let birmingham
Thursday, August 10th, 2006By Vasiliy KonovaloV
Are you looking for a Buy to let mortgage? Whether you are an experienced landlord or merely looking for your first rental property, we are here to help. We will checkthe whole market to find the most appropriate mortgage for your circumstances. We check hundreds of deals available, taking into accountyour needs and requirements. For many of our customers, buy to let is a serious business and finding a right mortgage is crucial.The right product is not always the cheapest, but for the majority of landlords, the interest rate is the most important factor influencing their choice of the mortgage deal. Not only do mortgage payments have to be affordable, they must also be covered by the rental income.
Eachlender has its own rental cover and earned income requirements. Most of the lenders are looking for around 125%, but there are lenders who will accept cases with 100% rental cover, providing your own income is sufficient and meets their minimum requirements.
The current credit crunch has affected the options available to landlords: lenders are restricting loan-to-value and tightening their lending criteria, therefore making it more difficult for newcomers to find an appropriate mortgage.
In the current climate, some investors will be ready to sell, while other, more professional landlords will see it as an opportunity to acquire bargains for their portfolio.
Many professional landlords believe in a bright future for the rental market as tenant demand in the UK is still quite strong and will continue to grow due to a combination of factors.
As house prices continue to soar, more people are afraid to get on to the property ladder and are turning to rental instead.
More people go on to higher education and very few of them can purchase a property after graduation, as a result of accrued debt. Finding work away from their home also requires graduates, more often than not, to live in rental accommodation.
Another factor is migration, where people are coming into the UK from the EU with the intention to work, but with no desire to buy a property.
Family break ups have created further demand for buy-to-let properties.
Buy-to-let rates have already begun to climb and many landlords finding it more challenging to meet lender’s requirements and get a good deal. More than ever it is beneficial to seek professional advice to avoid costly mistakes.
If you can’t find the right deal, or a rental income is not enough and you don’t know what to do, let us give you a hand. We will find you a mortgage, so you can concentrate on running your business and deal with your tenants.
http://www.e1buytoletmortgages.co.uk/
