Buy to Let Centre
The increasing popularity of Buy to Let (BTL)
Since the mid Nineties, there has been rapid growth in the property market. This has led to a surge in demand for rental property. Mortgage lenders have been keen to encourage new amateur landlords to enter the market, offering buy to let mortgage products for this purpose.
Statistics covering the buy to let market have been collated by The Council of Mortgage Lenders since the late Nineties. These statistics have revealed that specialist lenders have created bespoke buy to let products to focus on this market. Furthermore, these lenders have connected with mortgage brokers to make it easier for them to reach this burgeoning market. Of course, this also means those looking for these mortgages can more easily find competitive deals.
Some buy to let mortgage companies are offering 90% buy to let mortgages to those looking to buy a property to rent out. Some lenders are even offering 90% buy to let mortgages with no minimum rental income required to qualify.
Why use a broker to help you find a buy to let mortgage?
It’s understandable that you’d think of banks and building societies when wondering how to find buy to let mortgage products. That said, these familiar sources represent just a fraction of the available marketplace.
Seeking an experienced broker with specialist knowledge about the buy to let mortgage market is a sensible way to proceed. It means you’ll gain access to a far wider section of the market than you’d know about on your own.
While having a wide array of buy to let mortgages to choose from is a good thing, it can make the process of selecting the right mortgage far more complex for the individual looking to buy a property to rent out. Seeking out a broker is a time saver – a chance to talk with someone who understands the market. Someone who can drill down through thousands of competing products to find the most appealing deals that apply in any scenario.
Different lenders may have separate criteria for different offers and rental properties. This is good in one way yet makes the task of selecting a buy to let mortgage far more challenging in another. With so much to think about when looking for a rental property, it makes sense to improve your chances of finding a buy to let mortgage by asking a broker for advice and recommendations. They’ll have many more options to sift through than you could ever hope to find on your own. Furthermore, there is a greater chance the search could result in a more competitive mortgage for a buy to let property.