Buy To Let Mortgages
If you’re purchasing a property as a rental investment, a buy to let mortgage makes it possible to get a great mortgage deal.
Designed with landlords in mind, the amount you can borrow is typically directed by the income you’ll earn when renting out the property. Our experienced buy to let mortgage advisers are here to help you find the right mortgage rates that will deliver the financial rewards you desire from your investment.
Whether this is your first rental purchase or you already have a property portfolio, talk to our expert Buy to Let mortgage advisers in Birmingham about your financial situation today and we’ll help you find the right mortgage to suit your needs. Call us today on: 0345 066 6555 or drop in to see us in Birmingham at Coleshill Road.
What is a Buy to Let Mortgage?
Most lenders prefer landlords take out specialist buy to let mortgages for rental properties rather than standard mortgage product because there is perceived to be an added risk for lenders.
How is a buy to let mortgage calculated?
The most popular buy to let mortgages are usually interest only mortgages which have lower monthly repayments although the amount you pay can be changed at any time by your lender.
With an interest only mortgage you will be paying off the interest on your mortgage every month. Once your mortgage terms come to an end the full cost of the mortgage will be due.
Deposit and LTV (Loan to Value)
Most lenders will expect your monthly rental income to exceed your mortgage repayments. You’ll also need a deposit for around 25% of the value of the property you want to buy meaning your LTV (loan to value ratio) will be about 75%.
For a property worth £200,000, if you have a 25% deposit for a buy to let mortgage, your LTV would be 75% so your buy to let mortgage would be for £150,000. You can also expect to pay higher interest rates than those on a standard mortgage.
Our highly experienced Buy to Let mortgage advisers in Birmingham are here to discuss the process and all your best options with you today. Call us on: 0345 066 6555.
Fixed Rates and Variable Rates
With a fixed rate mortgage you’ll pay a set amount each month whilst the payments on a variable rate mortgage can change at the discretion of your lender.
Interest only mortgages
Lots of people opt for an interest-only mortgage because they usually offer lower monthly payments although you will only have cleared the interest on your mortgage when your mortgage terms come to an end.
Mortgage terms
The terms of your mortgage are the length of time you will take you to pay off the cost of the property. In most cases terms are set for 25 years although they can be agreed for 35 or 40 years.
Buy to Let Stamp Duty
As a landlord you will be required to pay an additional 3% on the standard stamp duty rate for your property.
Buy to Let mortgages for companies
If you are purchasing a property as a limited company, you could be eligible for a limited company buy to let mortgage.
Buy to Let for portfolio landlords
If you own four or more rental properties with a mortgage on each, you could qualify for a landlord portfolio buy to let mortgage.
Switching to Buy to Let mortgages
We make it simple and easy to switch to a buy to let mortgage.
Discuss all your options and financial goals with our experienced mortgage brokers in Birmingham today. With access to 100s of the right buy to let mortgage deals we’ll find the right mortgage for you. Call: 0345 066 6555 or drop in to see us at Coleshill Road, Birmingham.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Some buy to let mortgages are not regulated by the Financial Conduct Authority
Stamp Duty Calculator
Need to work out how much stamp duty you’ll pay? Use our stamp duty calculator to crunch the numbers for you and uncover your potential land tax obligations.
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What our customers say about us
Blossomfield mortgages were very helpful to me and my partner when we first enquired about whether we were mortgageable to buy our first home. We were very impressed with their professionalism. Best mortgage broker in Birmingham!
Sam Ansell
Amazing service provided by Blossomfield in a quick and timely manner. No matter what questions we had they were always willing and happy to answer with their wide knowledge and experience. Would recommend Blossomfield to anyone.
Geraldene Marsh
Excellent service, quick turnaround, as promised. Will be using again and again. Would highly recommend Blossomfield Mortgages.
James Dean
Excellent service from Blossomfield Birmingham, they were able to sort a mortgage out for me very quickly and made the whole process simple and stress free, always available when needed and provided regular updates.
Jack Moriarty
I approached Blossomfield regarding a mortgage using there Birmingham branch and the service I have received has been nothing short of amazing their efficiency and passion to get everything done and approved in a professional manor is astounding.
Ryan James
Blossomfield Mortgages provided fantastic advice. Our mortgage approval went through very fast, as our mortgage was handled with the utmost urgency. From start to finish, the whole process was a breeze. We sat back and let them handle all the hard work.
Lewis Jewsbury
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Frequently asked questions...
How much can I borrow for my new mortgage?
How much can I borrow for my new mortgage?
How much you can borrow is down to your individual affordability, taking into account your income and outgoings. Lenders will also look at your credit score and any financial commitments you currently have. Our mortgage brokers will always advise you on the lender(s) who can offer you the most suitable and affordable mortgages.
What does loan to value mean?
What does loan to value mean?
When using a mortgage to buy a property, you will need to work out how much of a deposit you can pay upfront before a mortgage lender gives you the rest.
The difference between the mortgage amount borrowed and the value of the property is known as the loan to value, typically abbreviated as LTV.
I am self-employed. Can I have a mortgage?
I am self-employed. Can I have a mortgage?
Yes, our mortgage brokers at blossomfield have access to a wide range of lenders. This includes products specifically for people who are self-employed. We can't guarantee you'll always get what you're looking for, but we'll do our best to assist.
