Highly experienced, trusted and professional advisers for mortgages, family protection insurance and home and contents insurance.
Buy to Let Mortgages
Are you looking at investing in your first buy to let property or an existing landlord with a portfolio of properties?
You have come to the right place, Firstxtra financial services can find you a competitive Buy to let mortgage from our comprehensive range of providers whether you are buying an investment property or re-mortgaging an existing one. We have been providing advice on BTL mortgages for many years and have a large amount of landlords as clients.
The buy to let market has evolved over the last few years with many new lenders entering the market again so expert advice could be valuable in finding the correct mortgage that is suitable to your needs. We have many exclusive mortgages that can only be found through a specialist broker like ourselves rather than on the high street and have a variety of criteria to suit your needs.
The rental market is very strong at the moment with high rental yields being achieved due to strong demand.
We can also provide you with the correct landlords insurances to protect your property and its contents, we also provide discounted premiums for portfolio clients.
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BUY TO LET GUIDE
Why FirstXtra?
Long established family run business
Providing personal, professional and honest advice, putting the customers best interests at the heart of everything we do.
Award winning for Quality and Service
This is shown by the number of 5 star reviews we receive on the independent site Feefo.
We are personable and friendly
We provide a fully individual and bespoke service to each customer and we genuinely care about your experience.
Taking the hassle out of the process
Making it as simple and stress free
as possible for you.
We don’t just do Mortgages!
We also provide you with bespoke family and home protection products.
On hand to contact
We will be there through the life of your mortgage and protection policies with immediate response times.
Think carefully before securing other debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Most Buy to Let mortgages are not regulated by the Financial Conduct Authority
There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage
Important information - Your property may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is £499.
MORTGAGE PAYMENT CALCULATOR
Found your dream home but not sure if you can afford it?
Find out how much you can expect to pay back with our free mortgage calculator tool.
Simply enter the mortgage amount, your deposit, interest rate and the term of the mortgage and we will calculate the estimated monthly repayments for you based on the information you provide.
- This information is a guide only and should not be relied on as a recommendation or advice, that any particular mortgage is suitable for you.
- All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender.
- You should make an appointment to receive mortgage advice which will based on your needs and circumstances.
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BUY TO LET MORTGAGE FAQs
Are there any requirements to be a landlord?
The majority of lenders will require you to own your own home before buying another property.
When it comes to getting a mortgage, most will use an affordability calculator which takes into account your personal income and potential rental income against the amount of money you wish to borrow.
What are my responsibilities as a landlord?
Being a landlord means you are not only responsible for yourself anymore. You have a duty of care towards your tenants and need to ensure that the property is habitable and has enough space.
You’ll also have to make sure you have the relevant safety certificates and insurances in place to protect your tenants, yourself and your property.
What sort of deposit will I need?
The deposit required for a buy-to-let mortgage is typically higher than a standard residential mortgage.
Most lenders will ask for at least 25 per cent of the value of the property as a deposit.
What kind of buy-to-let mortgage is best?
There are a number of different buy-to-let mortgages available, and which one is best for you depends on the kind of property you want to purchase and the type of rate required.
If you’re going to have multiple people from different households living in the property (for example student accommodation), you’ll need an HMO mortgage. If you want to let the property as Holiday accommodation you will need a Holiday let mortgage
It’s always a good idea to get some advice from a mortgage broker before deciding which mortgage to go for.
I’ve never been a landlord before, are there any additional costs to consider?
If you are purchasing a property that is not your main residence, you may need to pay a surcharge on top of the standard Stamp Duty rate. You’ll also have to pay tax on the rental income you receive.
You should also be prepared that there may be some weeks or months when the property is vacant, for example when you’re in between tenants. As the mortgage is in your name, you’ll still be responsible for making the repayments, so it’s best to keep some money aside to cover this. We would always suggest a minimum of 3 months rent.