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Buy to let in Scunthorpe

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Whether you’re joining the buy-to-let market or you’re a landlord looking to expand your portfolio in Scunthorpe, you want to know you’re making the right mortgage decisions. 

What do you want information on?
First Time Buyer

Buying your first home can be a little bit daunting, but we’re here to help with all the challenges of finding your perfect place.

Remortgages

Looking for a better mortgage deal? Or to release some of the equity in your home? The process is often not as easy as it first appears.

Moving Home

Thinking of selling your existing property and moving to a new home? It’s important that you try and budget accurately. Find out why.

Buy-to-Let

This can be one of the popular mortgage options available for those wishing to invest in the residential & rental property.

Who can get a buy-to-let mortgage in Doncaster?

For those looking to take out a buy-to-let mortgage under the following conditions:

 

  • You want to invest in residential property.

 

  • You can afford to take the risk of investing in property

 

  • You own your home already, whether you have an outstanding mortgage.

 

  • You have a good credit record and are not in dire need of cash, or desperate for more credit. 
  • If you earn less than £25,000 a year your purchase may not merit approval with some lenders.

 

  • The age limit for a loan will depend on the type of loan you choose, but generally speaking, most lenders won’t approve applicants older than 70 or 75.

How do Buy-to-Let Mortgages work?

Buy-to-Let in Scunthorpe

Buying a property with the intention of renting it out is more challenging than an ordinary mortgage. It has some key differences, such as…

  • Higher fees tend to be associated with these types of accounts.
  • Interest rates for landlords can be higher.
  • The minimum deposit for a buy-to-let mortgage is usually 25% of the property’s value. That said, it can vary between 20% – 40%.
  • Buy-to-let mortgages usually interest only, which means you pay the interest each month and not the capital amount. Although at the end of your mortgage term you will repay this original loan in full.

The kind of mortgages that insurance brokers and banks offer to consumers for buy-to-let investments is subject to the same regulations as those covering residential housing.

The maximum you can borrow is linked to the income amount projected from your rental property.

Lenders typically need the rental income to be 25–30% higher than your mortgage payment.

To figure out what renters might expect to spend on rent, try talking to professionals in the tenant market or find median pricing for houses in your area.

How much can you borrow for buy-to-let mortgages?

Buy-to-Let in Scunthorpe

Where to get a buy-to-let mortgage

Most big banks and a few other institutions offer buy-to-let mortgages.

You should inquire about a buy-to-let mortgage with your local broker. They will be able to determine the best fit for you before applying.

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