BUY
TO LET MORTGAGES
BUY
TO LET MORTGAGES
We
have partnered with leading lenders so that you can research
mortgages tailored to your specific needs like UK Buy-To-Let
Mortgages.
The
buy-to-let market continues to be a popular form of investment.
As such, we've joined forces with the UK's leading web-site
for online Buy-to-Let and Commercial Mortgage information, quotations
and investment analysis; The Money Centre. Did you know
that the average value of UK properties doubles every 10 - 15
years? Whether
you are buying your first Buy-to-Let property or you are a
Portfolio Investor there are some things you can't do without
knowing about finance such as:
- What
choices of mortgage interest rates and products are available
- What
is the maximum available loan
- An
illustration of costs and monthly payments
- An
analysis of returns from your investment properties
The
Buy-to-Let quotation system will give you all of this and
more FREE OF CHARGE and whilst you are online.
The
Money Centre only selects and commends those Buy-to-Let
lenders whose products are competitive and whose service standards
match those we constantly strive to achieve.
You
can search for the most suitable mortgage type, e.g. fixed
rates, variable rates, flexible mortgages, non UK resident,
capped rates, UK ex pats.
WHY
USE THE MONEY CENTRE?
The
main benefits for appointing THE MONEY CENTRE as your broker
specialist are as follows:
- One
to one service.
- You
will never have to fill in an application form as they will
complete them for you.
- They
can offer you exclusive products with substantial discounts
which are not ordinarily available to you.
- Until
such time as your application is formally offered, they
will telephone you at least every three days to let you
know how your application is progressing.
- They
will e-mail a Newsletter to you every month to keep you
informed you of new deals and new ideas.
- THE
MONEY CENTRE process applications in house. They are in
control of valuations and references. No matter how popular
the product they offer you, YOU should NEVER be the victim
of poor service from a lender.
- Such
is their status with their lending partners, many of them
have appointed specialist staff who care exclusively for
clients of THE MONEY CENTRE.
For this service they charge a brokerage fee of upto 1% of
the loan amount, payable upon issue of the lenders formal
mortgage offer(s) in accordance with terms which will be confirmed
in writing prior to you making an application, or on amended
terms which are subsequently accepted by you.
PRODUCT
TYPES
FIXED
RATES
The
main advantage of fixing your interest rate is certainty of
knowing what your repayments will be for a certain amount
of time. Depending upon economic conditions you may also be
able to secure funding at rates which are below variable rate
pricing. The downsides are the potential loss of flexibility
and increased redemption penalties and or redemption terms.
VARIABLE
RATES
When
considering a variable rate mortgage, you should seek products
from lenders who offer a visible pricing structure. For example,
some lenders calculate interest rates at a margin over the
Bank of England minimum lending rate (otherwise known as bank
base rate). Other lenders will use the London InterBank Offered
Rate (otherwise known as LIBOR) as an alternative to the Bank
of England Base Rate. Many lenders prefer not to offer mortgages
on these bases as they are then tied to a fixed level of profitability.
However, from a borrowers perspective, a visible pricing structure
is the only sure way of knowing that your lender is not going
to increase your interest rate just because they have lost
their appetite for a certain sector of lending. Be cautious
and be sure that you know the basis of how your lender calculates
their variable interest rates.
CAPPED
RATES
By
capping your interest rate you are effectively putting a ceiling
on your interest rate but without fixing. The main advantage
of a capped rate is that your interest rate can fall but not
rise above a certain level for a fixed period of time. The
disadvantage is that capped rates are often slightly higher
than fixed rates.
BANK
BASE TRACKERS
When
considering a variable rate mortgage, you should seek products
from lenders who offer a visible pricing structure. For example,
some lenders calculate interest rates at a margin over the
Bank of England minimum lending rate (otherwise known as bank
base rate). Many lenders prefer not to offer mortgages on
this basis as they are then tied to a fixed level of profitability.
However, from a borrowers perspective, a visible pricing structure
is the only sure way of knowing that your lender is not going
to increase your interest rate just because they have lost
their appetite for a certain sector of lending. Be cautious
and be sure that you know the basis of how your lender calculates
their variable interest rates.
LIBOR
TRACKERS
When
considering a variable rate mortgage, you should seek products
from lenders who offer a visible pricing structure. For example,
some lenders calculate interest rates at a margin the Londen
InterBank Offered Rate (otherwise known as LIBOR). Many lenders
prefer not to offer mortgages on this basis as they are then
tied to a fixed level of profitability. However, from a borrowers
perspective, a visible pricing structure is the only sure
way of knowing that your lender is not going to increase your
interest rate just because they have lost their appetite for
a certain sector of lending. Be cautious and be sure that
you know the basis of how your lender calculates their variable
interest rates.
FLEXIBLE
The
implications of redemption penalties should always be considered
seriously. With a flexible mortgage, many lenders will allow
you to make overpayments. This facility can be used to plan
the early repayment of a mortgage. Where the level of flexibility
extends to re-drawing overpayments you may utilise the facility
as a "sinking fund", say for refurbishment or so
that payments can be missed in the event of rental income
not being generated for a period.
MINIMAL
STATUS
Just
because you can't prove a high level of income doesn't mean
you are a bad credit risk! Many of our lenders are now starting
to recognise this, for example; you may have been made redundant
and have sufficient capital to live off. Alternatively your
partner/spouse may have a substantial income and the finance/property
may be far more efficiently placed in your name for tax reasons.
Another reason maybe that you are simply unable to prove (by
normal means) your true income position. The Money Centre
has therefore negotiated schemes with lenders who take an
open minded and sympathetic approach to such circumstances
and are far more prepared to take a view based upon the viability
of the property transaction rather than the income position
of the applicant.
OVERSEAS
British
mortgage lenders often discriminate against providing mortgages
to people who do not live or work in the UK. Primarily, this
is due to the fact that their mortgage approval systems are
geared very heavily towards advice from the UK Credit Reference
Agencies and the lenders reliance on applicants having a provable
UK source of income. However, The Money Centre has a specialist
team of brokers who are constantly updating their knowledge
of the criteria of those lenders who will lend to British
Ex-Patriots and Foreign Nationals wishing to raise mortgages,
for letting purposes against residential property in the UK.
We've
teamed up with The Money Centre so you can now get a free
buy 2 let quotation or have your questions answered.
Find the best buy to let mortgage deal. Getting a UK 2 let
mortgage or best let mortgage has never been easier.
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