Helping you expand your property portfolio
At My Mortgage Broker, we help Colchester property investors and landlords secure buy-to-let mortgages with our expert mortgage advice. Whether you’re buying your first investment property or looking to expand your existing portfolio, securing a buy-to-let mortgage can help you increase your investments and access the rental market, which continues to remain strong.
How do buy-to-let mortgages differ from residential mortgages?
Interest rates are usually higher on buy-to-let mortgages compared to residential mortgages. Whereas for residential mortgages, your deposit could be as little as 5% of the property value, you will have to pay at least 25% for a buy to let mortgage.
Whereas for residential mortgages, your deposit could be as little as 5% of the property value, you will have to pay at least 25% for a buy to let mortgage. We can help you arrange a bespoke buy-to-let solution that’s tailored to you.
Benefits of a Buy-to-Let Mortgage
There are many advantages to securing a buy-to-let mortgage, and it can be a smart option when purchasing investment properties. Many landlords in Colchester use this type of mortgage to purchase properties to rent, as these are usually interest-only, which helps keep monthly costs low and improves cash flow. At My Mortgage Broker, we’ve helped landlords and property investors find buy-to-let mortgage deals that are not often found on the open market.
These payments of interest do not pay off any capital of the sum originally borrowed. This means that you’ll need to repay the full mortgage amount in one lump sum at the end of the mortgage or when you sell the property.
Your property may be repossessed if you do not keep up repayments on your mortgage
Mortgage Services
Our mortgage advisers in Colchester handle the whole process from consultation to completion. This includes checking your personal circumstances, submitting application, paperwork and communication with parties involved.
Buying a Home
Find the right mortgage solution for you.
First-time Buyer
All you need to know about purchasing your first home.
Remortgage
Experts at sourcing the right deal for you.
Buy to Let
First-hand knowledge of the Buy to Let market.
Frequently Asked Questions
Can a first-time buyer get a buy-to-let mortgage
First-time buyers can certainly apply for a buy-to-let mortgage; however, it can be more challenging than it would be for someone with property purchasing experience. As lenders find BTL mortgages riskier than residential mortgages, there tend to be stricter requirements. If you are a first-time buyer and looking to source a buy-to-let mortgage, speak to our team and we’ll discuss your options in more detail.
Do buy-to-let mortgages depend on income?
Buy-to-let mortgages largely depend on the rental income that would be expected to come from the property. It is important to note that some lenders may take other income you have into account when reviewing your BTL mortgage application.
Can I get a buy-to-let mortgage for an off-plan property?
You certainly can secure a buy-to-let mortgage for an off-plan property; however, these can be more challenging due to the nature of the development, such as the risk of delays from unfinished properties.