Financing Your Buy to Let Property
For Buy to Let mortgages in York, or the local area, the criteria for Buy to Let mortgages vary – but that’s always the case. MAPIO can help you to explore the options and find a lender who’ll offer the support and services you need. In most cases, you’ll also need an initial deposit of at least 15%.
The best thing to do is to give us a call and arrange an appointment at our offices, here in the centre of York.
How much can you borrow?
Buy to Let – affordability. What does it mean, how much money can you borrow for a Buy to Let mortgage? Great question. Come in, we’ll find out together. Lenders will usually want to know what kind of rental income you’re expecting from the property. You’ll need to have this information ready. You’ll also need to think about how you’ll be looking after the property, and attracting tenants.
Then there’s insurance for Buy to Let properties. We can help you there, too. And you’ll need to think about tax liabilities and maintenance too. We can’t give advice on tax, but we can point you in the right direction and tell you some of the right questions to ask.
We’re here to help
We realise that moving house and getting a mortgage can be a stressful time. Why not speak to the team, if you have questions about what’s possible or how to get the ball rolling?
Get a loan to buy an investment property
If you’re buying a property to let it out, then you’ll need a different kind of mortgage. You’ll also need an initial deposit of at least 15%. Beyond that, the criteria for Buy to Let mortgages vary a lot – which is where MAPIO can help you.
Let’s talk about income and outgoings
There’s so much more to Buy to Let mortgages than fixed or variable rates of interest. Repayment levels depend on how much you borrow, your deposit, and the length of the mortgage. But you’ll also need to think about how much you’ll earn in rent, too. Lenders will want to know this.
Then there’s the cost of maintenance. Insurance (vital). And you’ll need to think about tax liabilities too. We can’t give advice on tax, we can point you in the right direction and tell you the right questions to ask. We can help you to work out what you can afford for your buy to let mortgage. Come on in, let’s talk it through…
Credit checks on Buy to Lets?
We’re here to help you. Before we get started, you can check out the Experian website to find out your up to date credit history.This will show you what a lender will see. If you’ve had issues with credit in the past, don’t worry, we have specialist lenders who can look at this for you.
We work with many lenders who will still offer a mortgage. And we can help you get on the property ladder – just as we’ve helped lots of other people in the same situation.