Are you considering investigating buy to let in King's Lynn? Buy to let mortgages are designed for individuals who want to buy a property with the intention of renting it out. It is against the UK regulations to rent out your property if you have a normal residential mortgage, without informing your mortgage lender. The mortgage lender will be obliged to change your mortgage to a special “buy to let” mortgage which has different terms. The lenders will take into account the likely rental income that a property is capable of generating when they consider a loan application.
Nowadays, more and more people are investing their money in bricks and mortar. Lenders, on the other hand, are focused on providing the best mortgage products and not losing money through lending on properties incapable of yielding enough income to pay the mortgage back.
Here at The Mortgage Bureau, we have experts who can advise you on the best buy to let mortgage deals that suit your specific situation. We can advise you as you build your rental property portfolio is that is your objective.
Why Use A Broker For Buy To Let?
Although buy to let may seem as simple – get a mortgage for your new property, rent it out and then use the rental income to pay back your mortgage and make a capital gain as the value of the property increases – it is easier said than done.
There are several different things to consider before you get a buy to let mortgage.
For instance, each lender will have their own formula for how much rental income is likely from each property, regardless of what you may think. Similarly, the maximum loan that will be available is also dependent on the deposit that you can pay.
Besides that, the cost of conveyancing, mortgage arrangement fees, running costs of the property are also considered during the process. Some lenders assist investors by taking into account their salary, but not all of them do this.
The majority of the lenders require at least a 20% deposit and the maximum loan amount is linked to the monthly rental yield. And if you are not already a property owner or you cannot prove alternate sources of income, things can become pretty difficult.
We Can Help With Your Buy to Let in King's Lynn
At The Mortgage Bureau, we have years of professional experience and top experts who are able to offer you guidance and answer all your questions. Having fully understood your circumstances and objectives, we will carefully search through all the available lenders and make sure to find you the most suitable offers to consider.
In simple terms, our company does all the hard work for you to find you the best deal from the whole of the market. Doing this yourself is not possible as only some lenders deal directly with borrowers and, in any event, the process would take many hours on your own.
Property has historically proved to be an excellent investment compared with savings accounts or the stock market. It has provided a consistent return over the long-term and attracted many to become landlords. Partly in response to this, there have been many changes to the taxation of buy-to-let properties during recent years making it a less simple choice. We are always up-to-date with the regulations as they change, and we ensure that our clients comply with the letter of the law to avoid any serious consequences.
If you need help with your first buy to let property purchase or you want to add another property to your current portfolio, our experts at The Mortgage Bureau office in King's Lynn can help you.. Give us a call today!
About King’s Lynn
King’s Lynn is the first town you come to when entering Norfolk by car from the North or West, sitting on the A47, A17 and A10 trunk roads. It also enjoys an excellent train service to London King’s Cross via Cambridge.
The award-winning Lynn Museum tells the story of West Norfolk and it’s past in a glorious interactive tour, where you can examine the skeletons of Anglo Saxon warriors and even Egyptian Shabti figures. For a more Maritime history tour, wander through True’s Yard Museum, which is all that remains of the town’s old fishing community.
A short walk to the old King's Lynn Saturday Market Place and you can step back in time once more with a tour of the town’s old Gaol House where, for over 400 years, King’s Lynn most notorious citizens were imprisoned. An excellent audio tour really brings the history to life and younger visitors can even dress up as gaolers and prisoners for a taste of what the Victorian justice system was really like.
King’s Lynn’s redeveloped town centre has everything you need for a day of shopping and is brimming with cafes, bars and pubs for you to relax and refresh yourself. Grab an evening show at the town’s Art Centre or Corn Exchange, which has played host to many a pantomime, ballet show or famous comedian. Both situated close to the famous Tuesday Market Place, which was once used to burn witches at the stake, but is now used on a day to day basis as a central car park. During the summer, this is turned into the town’s free entertainment extravaganza ‘Festival Too’, which has grown in recent years and attracts crowds of 15,000 to watch big names in entertainment. During the February half term, the King’s Lynn Mart takes over the car park, as it has done in one form or another for over 500 years.
The King’s Lynn ferry is also a staple sight and is still used today to transport local people across the Ouse to and from West Lynn. In the centre of the town near the railway station sits The Walks park, where you can feed the ducks, play a game of football or just sit on the grass with a good book. The Walks’ original bandstand still sits by the river, as does the Red Mount Chapel.
The Mortgage Bureau, 50 King Street, King's Lynn, PE30 1ES | Telephone 01553 770102 | Website | Facebook
Are you thinking of buying your first home?
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