Cheap buy to let mortgage

Although we are a broker specialising in insurance services for landlords we have seen a clear niche in the market with regards to cheap buy to let mortgages for properties let in the UK. For this reason we have arranged a scheme with the moneycentre to provide immediate access to an instant online buy to let mortgage quote from several different lendors meaning that you can just sit back and relax while the computer does all th searching for you. We understand that as a property owner you have more than enough tasks to be dealing with without the hassle of searching around for the cheapest mortgage which meets your requirements which is the exact reason we have provided this resource.

Instead of spending your own time searching around for the cheapest mortgage it is usually recommended that you make use of a regulated mortgage broker which can search the market for you and supply you with quotations from several different lendors at once. Most landlords will be well aware that the mortgage market is a huge and highly competitive industry, however the money centre isn't just about providing cheap services but also extremely high quality customer service, quality control and a good reputation to back up their service. Instead of wasting your time looking for the best deal just let the broker compare buy to let mortgages for you!

Many people prefer using a mortgage broker for their buy to let needs instead of going direct to a lendor for many reasons. The following is just a sample of the benefits gained by using the money centre for your buy to let mortgage requirements:

• Instant online quote system which is updated every day meaning you get a comparative quote from several different lendors which will hopefully conclude in a cheap buy to let mortgage for your property let in the UK. One short form is all you need to complete instead of spending hours searching for the best offer.


• You can apply for a mortgage online and be given a decision in principle within just 24 hours.


• Since you are given quotes from many differen lendors you may find that some obviously offer a more competitive deal than others or lower rates.


• A dedicated mortgage consultant will be assigned to your case to help you from the beginning(obtaining quotes) until the end(finalising the mortgage).


• Expert financial advice from a broker which specialises in buy to let mortgages in the UK.

When making a mortgage application for your buy to let property you should be aware that there are several factors which could have an effect on your application, for example a bad credit rating may make it harder for you to obtain a cheap mortgage and some lendors may even refuse an application on this factor alone.

If you feel that you may possible have a bad credit rating then you can get a copy of your record from Experian or Equifax which are both credit reference agencies in the UK which hold records of those living within the UK. The records held by credit agencies can be accessed by several different types of people, for example the following circumstances are just a sample of when your record may be viewed:

• If you apply for a cheap buy to let mortgage then the lendor may access your credit record to see if you are acceptable for the lend.


• If you were to make a large purchase such as a new car and wanted to pay on finance then the dealer may check your credit record to see if your past finance history has been good.


• To fight fraud such as identity theft some companies will contact a credit reference agency to perform checks and make sure you are infact who you say you are and that your credit history matches the information you have supplied them with.

As a landlord you may own a portfolio of properties and find that the only thing holding you back is obtaining a mortgage for your new buy to let properties. By using a broker you can increase your chances of finding the best mortgage to fit your needs because they have experience in the business and know exactly which lendors to approach on your behalf based on your specification.

The obvious success of many landlords is the sense to invest in properties which are going to be an easy earner. A perfect example would be the purchase of a cheap property in an area which lacks housing meaning you will probably be able to rent the property easily and for a higher rent than you may otherwise get, the only thing that could be holding you back is the money to actually purchase the property. An immediate buy to let mortgage from a cheap lendor could be the perfect solution.

You will find that most lendors will not release any money until you have insurance in place for the property to be financed. The insurance policy will usually have to meet certain requirements outlined by the lendor but as a general rule must at least offer cover against major perils such as fire, flood, earthquake and subsidence.

The following is a small example of things which can have a positive or negative effect on how cheap your buy to let mortgage for you let property is:

• The amount of money you need to borrow as a mortgage for your let property.


• The type of property to be financed, for example a mortgage for a house, maisonette or a flat.


• The amount of rent and other income the let property will generate each month.


• Details of any portfolio of properties you own.


• Whether you have any intention to stop letting the property and live in it yourself.


• If you own any commercial properties.


• Your annual income and whether or not you can proove this with the use of payslips or your accountant.


• The type of buy to let mortgage you actually required such as best buy, fixed rate, trackerbank base tracker, lifetime tracker or a mortgage which doesn't charge extra for early repayment.