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.Get Started
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.Apply Now
How much deposit do I need for a buy to let in Southampton?
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 can I borrow for a buy to let in Southampton?
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.
How much do I need to earn to get a buy to let mortgage in Southampton?
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.
Can I use the equity in my house for the deposit of a buy to let in Southampton?
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%.
Can I get a mortgage on a buy to let in Southampton as a first time buyer?
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.
Why use a mortgage broker in Southampton?
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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