Buy to Let Mortgages
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Buy to Let Mortgages
Are you interested in becoming a landlord, or do you want to build up an existing property portfolio? Either way, you have come to the right place. We have been giving advice to landlords on specialist Buy to Let Mortgages since the company first started in 2017. The right mortgage is very important to the success of your property as an investment. Our advice enables you to select a mortgage that meets all of your requirements. This ensures that your portfolio is as profitable as possible for you.
Ocean Mortgages Ltd can assist you with your Buy to Let Mortgage enquiry. We give mortgage advice to people letting their first property and experienced property landlords alike. As we are an independent and Whole of Market Broker firm, we work with many different lenders to find you very competitive interest rates.
When you are looking to take out a Buy To Let mortgage, the main points to consider are:
- Your rental income will need to be approximately 30-40% higher than your mortgage payment. This is because the lender takes into account any potential future increase in interest rates, as well as any rental gaps that may occur in the future.
- Will the lender enable you to port the mortgage to another property if you decide to sell? Without the ability to port the mortgage, you may be left with expensive Early Repayment Charges if you need to sell in the future.
- Are there penalties if you decide to sell and redeem the mortgage? Many deals do have these, but ensuring they are as low as possible, or when they come to an end is an important aspect of our advice.
- Is the interest calculated daily, monthly or annually? This is important to know so that if you intend to overpay on your mortgage at any point, you can work out the best time to do so.
- Does the lender offer an overpayment facility?