Buy to Let Mortgage Broker
If you are just starting out in the world of Buy to Let (BTL), or an experienced portfolio landlord, you might find the market tough to navigate. With so many lenders available, it’s difficult to find expert advice which is specifically tailored for the individual borrower.
Within this sector there are also a variety of specialists, each with specific areas of expertise – including BTL mortgages suitable for borrowers that have a known history of adverse credit, limited companies that are looking for BTL deals or maybe a HMO mortgage.
Here at Ascot Mortgages, we have access to a number of specialist lenders – which is essential in helping you find the right buy to let mortgage product for your rental property.
BTL Mortgages for Those with a Complex Income
Many mainstream lenders do prefer individuals to have stable and secure employment. However, at Ascot Mortgages we can place you with experienced BTL lenders who can specifically cater to those who are considered to have a complex income. These can be:
Those who work on commission
Those on benefits
Those who frequently get bonuses
Those on a pension
Those who are self-employed workers
Those whose only income is from UK land and property
Certain lenders will not take one or more of these revenue streams into account when they are calculating the amount that you can borrow. If you consider your income to be non-standard, you must seek specialist advice regarding your BTL mortgage to ensure that you find a mortgage deal which is solely based on the rental income.
Non-standard BTL Mortgage Brokers
When you are starting to search for a BTL mortgage broker, you will start to realise that they consider people that are looking for a ‘conventional’ home as a standard customers.
If you are looking for a property that falls outside of this category, many mainstream providers might either not offer you a mortgage or will give you rates that are far less favourable. This is mainly because you are considered to be a higher risk.
At Ascot, we know that this isn’t a hassle at all. So we work with specialist BTL lenders that cater for those looking for a mortgage on a property that is more unique. For example:
Houses that are built with timber frames
Houses with thatched roofs
Any non-standard construction property
BTL Mortgage Brokers For Later Life
Many mainstream brokers may not lend to those aged over 75, whereas other set a maximum limit age of 85. It is only the minority that don’t have a maximum age for which you can apply for a mortgage – with the rule implying that you can get one as long as you can repay the loan into your retirement.
At Ascot, we can connect you with the latter – with a variety of financial advisors that specifically cater for later-life borrowers.
Types of BTL Tenants
When you have your ideal BTL mortgage in mind, it’s clear that there will be a certain type of tenant that you are hoping to attract. However, many lenders will only offer credit to those who are seeking the more favourable tenants that can secure a more reliable rental income – i.e young professionals, those with a young family or those who are seeking shorthold tenancies.
The tenancies which require a specialist lender are:
Tenants with a complicated income
Tenants with DSS rental support
Short term tenants
We can offer you specialist advice regarding these types of tenants and can find you the best possible lender for you.
Experienced Landlord Lenders
If you have a large property portfolio, it might seem as though you have a wide range of BTL mortgage brokers on your doorstep. However, you might still need a specialist lender.
Some mortgage providers might have high limits imposed on those who have previously had a BTL mortgage whilst others might limit the amount of mortgages that a single borrower is entitled to. However, some might not have any limitations.
No matter what the size of your portfolio, you must seek specialist advice regarding your mortgage.
Do I Really Need A Broker’s Advice?
With each mortgage varying in criteria and the amount of work that it takes to find a reputable broker, you need to find an easier way to navigate the market. That’s where we come in.
At Ascot Mortgages, we place you with specialist buy to let property lenders who can offer a product that’s right for you. Call us on 01925 711558 to speak with an adviser.