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The Buy-To-Let market, is designed as an investment tool over the medium to long term, for either individuals, who want to dip their toes in the water by purchasing a property for the first time with the express desire to let it out, as opposed to purchasing it to live in themselves!, to the highly experienced individual or company, who have a portfolio of properties run as a business concern.
Bluewave Finance has years of experience in this field and deal with the most competitive lenders in this market, so if you would like to apply for a Buy-To-Let mortgage through us, click apply now> or call us on freephone 08000 25 50 22.
Is now a good time to purchase a property/ies for Buy-To-Let purposes?
With Interest Rates cautiously taking a downward trend and houseprises falling and in a country where the population is due to grow by an additional 10 million and where there is a chronic undersupply of housing, investing in property still looks to be a sound bet over the medium to longer term.
What is the criteria?
Generally speaking, you should follow the same criteria of looking for a shrewd purchase, in a sought after area if possible, ie near to the town centre, business area, near to a station or near student populations.
You might decide to purchase through an auction -(but remember if this is the case, you really need to have your finances ready at the time, or certainly within 28 days of purchase through the auction!)
You might consider a property that is in need of renovation, but which you could purchase relatively cheaply, which you can turn around quickly, in order to get tenants in quickly, thus enabling the property to start paying for itself.
As a general rule, you will need to put down a minimum 15% deposit, the remainder of which can be mortgaged, depending on the rental income your intended property can generate.So, that is really the crux of the matter. You need to be quite sure of how much rental income you can attain, before attempting to get the mortgage, as lenders will often lend you an amount based on the rental income.They will get confirmation of this, either by contacting one or several letting agents in the local area, or will await a surveyor's report as to the expected level of rent.
If you have any questions that you would like answered, please >click here and leave your details and we will contact you, or if you prefer, you can call us on freephone 08000 25 50 22.
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