How Is Getting A Mortgage for A Buy to Let?

Lenders find buy-to-let mortgages risky because most borrowers rely on rent to cover mortgage instalments. If the tenants do not pay the rent or are late in paying it, their income will decrease and harm the mortgage repayment. Lenders, therefore, have special conditions and criteria for getting a mortgage for a buy to let. Some of the criteria and conditions that lenders consider for applicants for buy to let mortgages are:

1. Lower LTV ratio
2. Minimum income (rent, pension, employment, self-employment, contracting, etc.)
3. Large deposit

Therefore, due to the complexity of buy to let mortgages, applicants will need the help of specialised brokers. Brokers at different mortgage stages help applicants choose products with appropriate rates and conditions based on their needs and financial conditions.

Estimating the mortgage amount, setting the borrowing limit, estimating the mortgage deposit, comparing the rates and conditions of current mortgages, proposing different types of mortgages and pre-assessing the borrowers' credit history are some of the help brokers provide to borrowers.

SWG Mortgage specialist advisors have extensive experience providing buy to let advisory services. They are familiar with different lenders' criteria and negotiate with lenders on the mortgage amount, borrowing, legal deposit, mortgage rate and type, and borrowers' credit history.