Help and Frequently Asked Questions
We are dedicated to customer services and to provide you with access to the most frequently asked questions. We hope that the following answers your particular question, if not please don't hesitate to contact us on 0845 458 2633.
Firstly we will deal with questions you may have before completing the buy to let mortgage quote form.
Who are Best Buy To Let?
Best Buy To Let Mortgages is operated by Damister Limited FSA Register number
511839, and is an Appointed Representative of Mortgages For Business Ltd, which is authorised and
regulated by the Financial Services Authority.
How will I be contacted?
Once you have completed the online quote enquiry form you will be contacted by telephone and email.
Where will my enquiry go to?
We work with the UK's leading Buy to Let mortgage lenders. We can get you pre approved for a mortgage with many lenders in just 10 minutes.
The following Frequently Asked Questions have been collated from the most common questions and concerns we receive.
How much can I borrow?
Generally you can borrow 75% of the value of the property. The more deposit you can put down the better the rates on offer from the lenders. Typically a deposit of 40% should secure you with the best rates available.
Can I have multiple mortgages?
Yes you can take out multiple mortgages, but only one mortgage per property. Most lenders will have a cap as to the maximum number of mortgages that you can take with them, (often 9 properties), but of course you can have other buy to let mortgages with other lenders too.
Can I purchase a Buy To Let property in the name of a Company.
Yes Buy to let properties can be bought on an individual basis or as a limited company, however lenders will generally expect the Limited Company to run as a company specialising in the property market, buying, and managing of properties and the options for a Limited Company BTL are restricted to commercial loans only.
Is letting to a Housing Association or DSS tenants a good idea?
It can be, but not all lenders look favourably in this area. However letting to a housing association or council can guarantee rental, often for 3 - 5 years, but many lenders will not lend on this tenacy type and some insurers will not provide insurance cover for properties let to this market.
Which Mortgage Should I Choose Repayment or Interest Only?
Generally Buy to Let Mortgages are taken as an interest only basis but repayment options are also available. You are not required to have an investment vehicle in place if you propose to take an interest only mortgage.
Is my income considered when applying for a buy to let mortgage?
This depends on the lender, some lenders look at the deposit you make and the rental income the property should achieve, generally this will be 125% of the monthly payment. But some lenders will require proof of income also. However the more information given to the lender can enable you to get a more competitive rate from the lender.
What levels of interest are charged on Landlord Mortgages?
Generally a Buy to Let mortgage will cost a little more than a standard residential mortgage and the arrangement fees can be considerably higher.
Can UK Non Residents Apply For Buy To Let mortgages?
Yes non UK nationals and foreign nationals can invest in the UK property market using Buy To Let mortgages. We have specialist lenders that can provide Ex Pat and Foreign Nationals with an investment mortgage.
