When you’re thinking about buying an investment property. The mortgage is one of the most important considerations. If you’d like to know my recommended method for finding the best mortgage for your property investment, then stay tuned as I explain how.
here are plenty of banks and mortgage lenders out there who all will have hundreds of mortgage products offering different interest rates, terms and fees, resulting in thousands of mortgages for you to choose from. When I first started, I looked at online comparison tools to find the cheapest products which I thought would match my needs. After hours of research, comparing interest rates and application fees, I then discovered that each product has its own requirements and eligibility criteria once she started the application process. These included the household income, whether I had any other investment properties and a whole host of other factors. It wasn’t easy and it took a lot of time. So to save you time, here’s what I recommend.
Find a mortgage broker. Simple you might be thinking, but no, hold on, don’t pick up the phone just yet. I wouldn’t recommend any broker, I’d recommend you find a broker with these two qualities:
Buy to Let Only
Firstly, someone who specializes in Buy to Let products and not residential or a mixture of both. Why? Because as I’ve already mentioned, it’s a huge market out there and I need the brokers that specifically deal with buy-to-let products will have the best knowledge. They have direct contact with the lenders and have vast amounts of experience with the lender’s eligibility criteria. Within a few minutes of asking you some key questions, a broker will be able to match it suitable lenders, and within just a few days, they’ll be able to provide you with some mortgage products for you to choose from.
You also want to find a broker who’s an investor themselves because they’ll have a better understanding of your plan and what you are trying to achieve. I’ve used three brokers in the last couple of years, one wasn’t an investor than two were. The service I’ve received from the two that were investors was far better than the one who wasn’t, and not only did they provide me with the product that best suited my needs, but they also shared some sound investment advice about the properties I was buying.
The mortgage broker will receive a commission from the lender for selling you their products and the broker may also charge you a fee. But don’t let this you off because mortgage brokers work hard, and they check all the paperwork to avoid any delays in the application. All correspondence between you and your broker can be sent via email, which makes it super convenient find a broker anywhere in the country. My broker fees are paid once the lender has released their funds and the property is in my name. I know there are some brokers who charge a fee up front, but that has always put me off, and I haven’t used them.
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So how do you find a bokor with these qualities? Well, there are several ways and they’re typically places where investors are found: Property auctions, Property Network Meetings, and Social Media Platforms. Facebook groups are good for connecting with the right people who are backing from some of the group members. I hope you found this article useful and if you have any recommendations on how to find a good mortgage broker then please leave a comment in the box below.