Are you interested in Buy To Let in Milton Keynes? 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 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 is 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 Your Buy To Let in Milton Keynes
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 in Milton Keynes office can help you.. Give us a call today!
About Milton Keynes
If you are staying in Milton Keynes and you've seen everything, maybe you want to venture out and about to see what the surrounding area has to offer. We list a few attractions below to give you a taste of what you could visit.
Woburn Safari Park – 8 miles
Woburn Safari Park is Britain’s largest drive-through safari park, allowing you to get “up close and personal” with animals large and small, it's an action-packed day for all the family. From the Road Safari where you can go round as many times as you like to the Foot Safari where you can mingle with the animals, grab lunch before watching the keeper demonstrations.
The Forest Centre – 9 miles
The Forest Centre is at the very heart of the Forest of Marston Vale – the 61 square mile area between Bedford and Milton Keynes. All profits made at the visitors’ Centre go back into the creation of new woodlands. The Centre houses the Lakeside Café, serving a range of meals and snacks, and sits in the Millennium Country Park; with 8km of surfaced trails, bike hire facilities, and plenty of bird hides and other vantage points to stop and admire the view. Entry and parking are free.
Grand Union Canal and Canal Museum, Stoke Bruerne – 12 miles
The Grand Union Canal leaves the River Thames at Brentford and climbs over 50 locks up into the Chiltern hills. It descends then climbs again to a new summit in Birmingham. The Canal Museum is at the heart of the beautiful village of Stoke Bruerne on the Grand Union Canal. It’s a treasure trove of stories, displays, films and collections all about British canals.
The Mortgage Bureau, Exchange House, 314 Midsummer Boulevard, Milton Keynes, MK9 2UB | Telephone 01908 822646 | Website | Facebook
Are you looking to buy your first house in Milton Keynes?
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