Achieving the right property and mortgage rates creates the perfect foundation for success. That’s where our expertise comes in. We understand your needs as an investor – your spending limits and specific requirements – and we’re dedicated to fulfilling them.
Understanding Buy-to-Let (BTL) Mortgages:
BTL mortgages cater to landlords purchasing properties for rental purposes. While similar to standard mortgages in some aspects, they differ significantly:
Most BTL mortgages aren’t regulated by the Financial Conduct Authority (FCA), with some exceptions. BTL mortgages are typically interest-only—refer to our “mortgage types” page for more details. A minimum deposit of around 25 percent is customary, varying between 20 to 40 percent. Interest rates and fees tend to be higher.
Determining Borrowing Limits for a Buy-to-Let Mortgage:
While the concept of a BTL mortgage seems straightforward, securing the right one can be complex. Several variables influence this, from diverse calculation rates to portfolio lending. Generally, your property’s rental income needs to exceed your mortgage payments by approximately 25 to 30 percent. Additionally, consider potential taxes like Income Tax and Capital Gains Tax, along with the evolving rules on Mortgage Interest Tax Relief.
Choosing the right advisor is crucial, as a misstep could have long-term consequences. At Mortgage Knight, we boast an extensive array of mortgage products and possess a deep understanding of your unique situation. We’ve specialised in contractor mortgages, including buy-to-let products, for many years. Our expertise enables us to understand what lenders seek from contractors and identify the best products tailored to your circumstances. Limited Company BTL mortgages, often favoured by high earners, are among our areas of expertise, and we can provide comprehensive explanations to help you determine their suitability for you.
Contact Mortgage Knight Today to Discuss BTL Mortgages:
buy to let mortgage for contractors
At Mortgage Knight, we specialise in buy-to-let mortgages for contractors, fully understanding the complexities these professionals face when seeking finance. Contractors, who typically work on a project-by-project basis, often find it challenging to provide the consistent income proof demanded by traditional lenders. Our bespoke mortgage advice and solutions are crafted to navigate these obstacles. We at Mortgage Knight possess an in-depth understanding of the contractor income model, which encompasses fluctuating earnings and a reliance on contract-based work. We assist contractors in leveraging their work history and income potential to secure a buy-to-let mortgage, a crucial step for many in diversifying their income streams and ensuring long-term financial stability.
Our services are uniquely designed to meet the specific needs of contractors. We adeptly navigate the complex mortgage landscape to identify lenders who are receptive to the unique financial profiles of contractors, often securing more favourable terms and rates. Our market expertise enables us to recommend the most suitable mortgage products for contractors’ unique situations. Furthermore, we provide comprehensive support throughout the mortgage application process. From initial consultations to the final approval, our team ensures that every contractor is well-informed and supported, a key factor for those who might otherwise struggle to secure buy-to-let mortgages due to the unconventional nature of their employment.
For more information on our buy-to-let mortgages or general queries about these mortgages, feel free to reach out. You can drop us an email or give us a call to speak directly to one of our experienced and approachable advisors. They’ll provide a free, no-obligation consultation, guiding you through available options and our assistance in moving forward.
Call us today for a comprehensive quote aligned with your contractor position and circumstances. Get in touch or call us now to connect with one of our expert mortgage brokers on 02081437777.