Buy-to-let mortgage advice
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Hiring a tradesman for buy-to-let mortgage advice
For the inexperienced, looking for a buy-to-let mortgage can be a daunting task. Plentific can take the stress away by generating a bespoke list of the best specialists in your local area offering buy-to-let mortgage advice. Plentific will also provide you with instant access to customer reviews and ratings for each of your choices to help you find the best one to suit you. Best of all, each and every job booked via Plentific is covered by the Plentific Guarantee.
What do you need to know about buy-to-let mortgage advice?
The first thing you should know is that buy-to-let mortgages can be significantly different compared to standard residential mortgages. Lenders will view it as a business transaction, and as such they will want to perform a rent-to-interest test (RTI) to make sure you will have enough income from your tenant to cover the repayments. Usually you will need to earn between 125 and 130% of your monthly repayments in rent. Lenders will also expect a larger deposit, which could be between 15 and 25% of the loan.
It is better to work with a mortgage broker than going directly to a lender. They will be much more bespoke in the advice they give you and will be free to look at all available options rather than restricting themselves to a single lender. They can also give you advice on your requirements, such as whether to seek an interest only or repayment loan. The price of hiring a broker will vary, with some charging an up-front fee, some taking a commission from a lender, or others doing both. More experienced professionals will of course charge more. Be sure that whoever gives you a quote is adequately qualified to give financial advice of this kind, ideally with a university degree and several years of experience. Checking customer reviews is a great way to gauge how competent and knowledgeable your choice is before finally hiring them.