Expand your property portfolio with a specialist buy-to-let mortgage
A specialist buy-to-let mortgage is a loan designed specifically for landlords who are buying properties to use as rental investments. However, a specialist buy-to-let mortgage is for more experienced landlords who want to invest in student lets, houses of multiple occupation (HMO’s), Multi Unit Blocks (MUB’s) or purchasing through a limited company structure.
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These mortgages are distinct from a standard buy-to-let mortgage in that they focus more heavily on niche property and ownership structures.
Specialised lenders typically assess applicants based on the income potential of the asset plus the applicant’s credit score and portfolio size. Some also calculate affordability slightly differently allowing the applicant to potentially lend more than with a standard buy-to-let lender.
In addition, some lenders have no upper limit on the number of buy-to-let mortgages they will allow – which can be advantageous if you’re looking to expand your portfolio quickly. Furthermore, some lenders may also consider other factors such as age and experience in order to determine eligibility.
If you’re considering a specialist buy-to-let mortgage, get in touch with our professional independent mortgage advisors for guidance every step of the way.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Please Note: The Financial Conduct Authority does not regulate some forms of buy-to-let mortgage.
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Specialist But-To-Let Mortgage
A specialist buy-to-let mortgage is a form of financing that allows investors to purchase rental properties in order to generate income. The process for obtaining a buy-to-let mortgage is similar to other types of mortgages, but has some unique steps and considerations. Firstly, the borrower must provide detailed financial information about their portfolio, income, assets and liabilities as part of the application process. This will be used to assess the applicant’s ability to make regular mortgage payments.
As part of the eligibility process, lenders may also require additional information such as details of the landlord’s experience or a minimum deposit amount. A surveyor will then be sent out to inspect the property to confirm its rental and market values before the loan can be approved. Depending on the lender, borrowers may also need to prove they have sufficient funds available in case of repairs or renovations .
Finally, lenders may require a valuation fee, administration fee and / or lenders arrangement / product fee. Once all these requirements are met, the loan can be finalized and the mortgage funds released for purchase.
Looking for more information on specialist buy-to-let mortgages? Let RM Mortgage Solutions take care of the whole process and get in touch with our experts today.