Mortgage Advice Wolverhampton

Buy to Let Mortgage Broker

Acquiring any mortgage is a daunting process, with so many products available from different lenders. Buy to let mortgages in particular, however, seem even more complicated with changing lender criteria and a never-ending paperwork trail. One way to lighten the load and relieve some of the stress of finding the most suitable buy-to-let mortgage to meet your needs is by hiring the services of a buy-to-let mortgage broker or advisor.

With the buy to let mortgage industry becoming ever more complex, it’s no real surprise that approximately three-quarters of all mortgages are now arranged through brokers. Because around three-quarters of lenders only offer their buy to let mortgages through a broker, if, as a landlord, you are approaching lenders directly, then you are only able to access approximately 25% of buy to let mortgages on the market. It’s safe to say that mortgage brokers are likely to find you a better deal than you could find yourself. Even a small percentage saving in the short term could be worth thousands throughout a mortgage.

Although arranging a buy to let mortgage is similar in many respects to any other mortgage, the fundamental difference is that you plan to rent the property out. Lenders will consider many factors when deciding on what to offer you, but it can be challenging to communicate your whole financial situation to a lender directly. Therefore, utilising a mortgage broker’s expertise when searching the market for a buy to let mortgage can save you time and hassle in the short term and money in the long term.

Moreover, you must understand all of the additional associated costs that come with a buy to let mortgage, many of which a broker can help you factor into your cost projections and manage with your income. For example, landlords need to plan for Stamp Duty Land Tax, which is a variable cost depending on the property’s price, and factor Income Tax and accountant fees into their projected costs. While it’s not impossible to budget this yourself, mortgage brokers who specialise in buy to let mortgages are experienced in the industry and can ensure that you won’t be met with any hidden costs further down the line.

Employing a broker’s services to find your buy to let mortgage is also an added layer of security. As brokers are duty-bound to provide you with the best deal for your circumstances, they will only offer a deal in your best interests. Also, brokers are regulated by the Financial Conduct Authority, and if you feel that you have been ill-advised and mis-sold a mortgage by your broker, you can complain to the FCA and apply for compensation.

Due to the complexity of the buy to let mortgage market, and with so many lenders offers being available to mortgage brokers only, it’s undoubtedly a good idea to utilise the expertise of brokers when trying to acquire a buy to let mortgage, particularly if it’s for your first buy to let property. As with all mortgages, brokers offer added peace of mind, security, and expertise and can help you earn money in the long term from your rental property.

If you are looking for a Buy to Let Mortgage in Wolverhampton, Stafford, Cannock, Walsall, Birmingham, or London, get in touch with us now, and we would be delighted to support you to buy your first home.