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About Buy-to-Let Mortgages
Buy-to-Let mortgages are assessed on the rental income the property can produce, instead of how much personal income you have. A lender will typically expect the rental income to be 25-45% more than the monthly mortgage payments, on an interest only basis for it to pass the affordability test. Due to new affordability rules introduced in January 2017, most lenders also need to make an assumption that the initial interest rate will rise when calculating affordability. As the calculation varies from lender to lender, we may still be able to assist with the loan size you require even where the calculation from some lenders is too restrictive.
Some lenders will also expect that a Buy-to-Let purchaser, has a minimum level of personal income as a safety net in case there are rental voids. It is wise to consider setting aside some savings and/or take out insurance that can help you meet unforeseen problems and protect your investment.
Buy-to-Let lending is high on many lenders agenda, as there are a variety of landlord mortgage products available to suit most circumstances with more product launches and criteria updates planned.
The First Time Landlord
If you are looking to raise the initial deposit from your own residential home, we will help guide you on the most cost efficient way to ensure that these funds are there when you are ready to invest.
The Experienced Investor
Our knowledge and expertise will become your resource to help you finance more complex property investments, such as HMO properties, refurbishments and conversions, developments, auction property, commercial and semi commercial property, multiple flats on one title and also more specialised purchase structures including Limited Companies, Offshore Companies and Trusts.
Experienced landlords tell us they are seeking additional ways to fund purchases due to lending limitations imposed by lenders. Profcol mortgages experts can offer such assistance with access to a wide range of options via main stream Buy-to-Let, commercial funding and specialist lenders, such that there is rarely a client that we cannot help to grow their portfolio.
New rules were imposed on lenders by their regulator in September 2017. These rules require lenders to apply specialist underwriting to applications from portfolio landlords, defined as those who have 4 or more mortgaged BTL properties. See our Portfolio Landlord section here for more information.
The Refurbishment Investor
If your strategy is to keep the property to let it out, our experienced advisers will be able to guide you to lenders that will enable you to refinance to the full increased open market value of the property, at the earliest opportunity, releasing funds to help investment in the next property.
The Accidental Landlord
Whatever the reason for keeping your existing home and letting it out, Profcol can help you explore letting options from your existing lender or refinance to a Buy-to-Let lender. We then guide you to the most suitable lender for your new home, one who will be prepared to consider your application even though you do not plan to sell your existing property.
Need some help with a new BTL mortgage?
Please give us a brief summary of what it is you would like to do and we will come back to you quickly to let you know how we can help. If you want to talk to us immediately, please call 020 3951 0285