Buy To Let

Whether you are considering your first buy to let purchase or looking to acquire an additional property for your portfolio we have options to suit many scenarios. Perhaps you want to remortgage a current buy to let property to release some equity for refurbishment or to use as a deposit on an additional buy to let property, if so we could help.

First choice have been involved in the Buy To Let arena for over 25 years. If you have just entered the rental market or if you already have a range of buy to let investment properties, buy to let mortgages and remortgages can be a useful means for landlords to maximise the potential of their portfolio. Size does not matter, whether you are looking to purchase a £40,000 first time buy to let or add a £750,000 property to your multi-million pound portfolio we will always search our plans for you without obligation and give you a quotation for free. Call free phone on 0800 298 3000 for a no obligation confidential discussion or complete our short on line enquiry form to get the ball rolling.

With Access to a large selection of buy to let mortgages and remortgages from a selection of both specialist lenders, as well as many of the major high street banks, we have helped numerous customers become landlords or extend their portfolio - contact us today and let`s help you find the buy to let mortgage to match your requirements.

What You Should Know About Buy To Let.

• Income is usually taxable after allowances such as the cost of repairs and maintenance
• The deposit needed for most buy to let mortgages is usually in the region of 15 - 25%
• The maximum loan to value with the majority of lenders is usually between 75 - 85%
• The mortgage term can be between 5 and 40 years based on your choice and affordability
• Many of our providers will lend to applicants aged between 25 and 75 years of age

Read on for facts and information about the different types of buy to let mortgage and remortgage products you can obtain through First Choice

Buy To Let For First Time Buyers

If you are considering investing in property then becoming a landlord is one way of entering the property market (although you should bear in mind that property values can go down as well as up).If you want to become a landlord the initial step is purchasing your first buy to let property, which can be done by arranging a buy to let purchase mortgage with the help of First Choice.

You may already be an established landlord and want to purchase an additional property in order to expand your portfolio. In this case you could take out a buy to let remortgage on one of your current properties or you could arrange a buy to let purchase mortgage to raise the money if you have a deposit.

If you are interested in purchasing a buy to let property here are some things you may want to consider:

• Who you intend to rent the property out to
• The area the property is located in and facilities nearby
• The condition of the property and budget needed for renovation
• The amount of rental income projected from the property

Buying a rental property is an important decision and if done correctly, is one which many landlords can make a positive return on in the long run. For advice on investment risks and returns you should speak to an independent financial adviser.

Buy To Let Remortgages For Landlords

There are a number of reasons why you may want to consider a remortgage . You may have come to the end of your current mortgage fixed or discounted interest rate deal, and rather than transferring to your lenders standard variable rate (which may increase your monthly repayments), you could arrange a new fixed or discounted rate product which could reduce your repayments or at least provide the stability of knowing they will not increase for a set period of time.

The second common route to remortgage your buy to let is to release capital through the equity within your property to spend on other things, so you could treat yourself to a family holiday, buy a new car, make home improvements or use the money to consolidate any other outstanding debts and ease your cash flow.

Both of these options are often available to you with buy to let remortgages, but you will be using the property you rent out as security, rather than the property you live in.

Some additional reasons to remortgage a buy to let property are as follows:

• To get a lower rate and save money
• To raise extra cash for renovations
• Debt consolidationor refinancing of high rate credit
• A one off purchase such as a holiday or new car

Rental income may be enough to cover the new monthly mortgage repayments and any excess could be used to improve your properties, possibly justifying an even higher level of rent, alternatively you can spend it on yourself! Of course there are lots of factors in the buy to let market that can impact on this area so we suggest you keep a close eye on trends and developments relating to buy to let in your chosen Town, City or Region.