Whilst assessing your buy to let mortgage application, some lenders will want to see that your income is at least £25,000 pa, whereas others will not focus on your personal income and advance your application once you have evidenced your deposit. The deposit that you will need to supply is usually between 25%-40% of the buy to let property price. This can differ depending on the size of your buy to let portfolio. It can be much easier to get a buy to let mortgage as a current homeowner, however, if you are a first time buyer and want to invest in property, it can sometimes be possible to get a buy to let with no experience buying a property. This is a very specialist topic and it may be best to get buy to let mortgage advice in Southampton. The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.
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More and more landlords are establishing their own limited companies as a means to grow their property portfolio. We would advise that you speak with an accountant if you think that this option is for you. As a buy to let mortgage broker in Southampton, we can access 1000s of buy to let products via our huge panel of lenders. It is just a case of finding the right one for you and your personal and financial situation.
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Most lenders will expect a minimum of a 25% deposit for your buy to let property. This percentage is taken from the value of the property. Depending on factors, such as the size of your existing buy to let portfolio, this can total can vary somewhere between 20-40%.
How much you can borrow for a buy to let in Southampton is worked out through your projected rental income for the property. It is also important to know that the majority of mortgage lenders will need applicants to have their own income through a main job or self employment.
Some lenders may not be interested in your personal income if you have the deposit in place. On the other hand, some will want you to earn a minimum of £25,000 pa or more.
It all depends on the amount of equity in your property. Some landlords may let you release some of this equity in the form of a remortgage to use on a buy to let property in Southampton. Usually, lenders will still be looking for a minimum of a 25% deposit, but in some cases, this can be 20-40%.
As a first time buyer, it may be slightly more challenging to obtain a buy to let mortgage, however, it is not impossible. Most lenders would favour an applicant who is a current homeowner over someone who hasn't made mortgage payments before.
A mortgage broker in Southampton will work alongside you throughout the whole process. We will give you clear and beneficial advice leading up to your mortgage application to give you the best chance of being accepted. Having your own dedicated buy to let mortgage advisor in Southampton will be extremely beneficial for your case. We have been working with landlords for over 20 years now and know the ins and out of buy to let lending criteria in Southampton.
We work to fit your schedule. Book your mortgage appointment at a date and time that best suits your personal and working life.
No upfront fees, no-nonsense; give our team in Southampton a call today.
From start to finish, your case manager and buy to let mortgage advisor will be on hand to answer questions that you have along the way.
We love the fact that we are able to help so many applicants achieve their buy to let aspirations. Take a look at our reviews to find out how others have valued their experience with us.
So that you and your family are covered, your buy to let mortgage advisor in Southampton will make sure that you have the correct insurance and protection in place.
As your buy to let mortgage broker in Southampton, we will try and find you the perfect product that matches your personal and financial situation.
It's rare to find a situation that we haven't come across. Don't hesitate to get in touch, our mortgage team in Southampton are here to help!
We may encounter some hurdles along the way, but we love a good challenge! We will try our best to get you through the buy to let mortgage process, no matter what situation you are in.
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4.97 Rating285 Reviews
Hannah
The whole team at UK Moneyman have been so friendly and helpful, whilst also providing an excellent service and securing me a mortgage offer really quickly. Even when there were questions and changes, they went over and above to help and always came...
Sarah
Fantastic service from Tom Bowes
Brooke
Excellent service, great communication & highly professional
Khristopher
Malcolm and Meghan did a great job with my application which due to a chain breaking down had to be done for two different properties, was kept informed throughout and they made me aware of changes in the market i didn't know about. Would...
Hilary
Matt and Wendy worked tirelessly and creatively to reach a great mortgage outcome for me in what was a less than straightforward journey. The commitment and advocacy was fist class and communication, always excellent. Matt really earned his broker...
Nina
I'm very happy with the services UK Moneyman have been providing during my buying process so far. I'm a first-time buyer so it was very important to me to have a mortgage broker who could answer all my questions in a timely and...
Stuart
Great team who works to get you exactly what you need, they made the whole process smooth and painless, so I would highly recommend them.
Danielle
I honestly couldn't have asked for a better service with UK Moneyman! I have been working with Charlie and Wendy! They have been SO helpful throughout the whole process and so supportive, never a hassle for them when I've been bombarding...
Clair
Informative, friendly, helpful and efficient service.
Katie
Really glad I went with UK Moneyman for my first mortgage, explained everything to me so well and was always on hand when I needed them as I work long hours at weekdays so having appointments on the weekends was so helpful for me, would definitely...
Natalie
Tom and Chloe were super helpful with our first time mortgage. We had a couple of properties fall through but Tom was there to help and guided us through the whole process.
paul
I think anyone would have difficulty finding a more helpful and friendly Financial Advisor. We used them to find a suitable later life mortgage and their effort and persistence in the face of some difficulties (caused by our particular...
Anonymous
Good advice and a professional hand both made the process seem effortless. Full marks for a service and result!!
Christopher
Wayne and Paula have been very helpful in helping me purchase my first house would highly recommend them to anyone wanting a mortgage advisor! Wayne was also very flexible with time as I have very odd working hours and worked out a time for phone...
Carol
Excellent service, Tom and Lynsey were responsive and extremely helpful including in resolving issues of transferring the offer to another property when the seller of the first property I was buying pulled out.
Marco
It's the 3rd time I've dealt with the team at UK Moneyman, as before they have been informative, punctual, detailed and a pleasure to deal with. I couldn't reccomend them more highly.
Suzanna
Excellent communication from start to finish. Highly recommend.
Rasheda
Very friendly and provided all the information I needed.
Pauline
Very pleased with Allen’s professionalism , he was able to answer all my questions to my satisfaction
Paul
Excellent experience all around, used for two mortgages and will use again
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
