The property market continues to see an increase in demand and lenders continue to reduce rates. This is creating a growing interest in buy to let, particularly with first-time landlords.
Our app users are also reaching out to us with questions and queries about Buy to Let mortgages. In this newsletter, we look at some of our most frequently asked questions and encourage you to reply to this email with your own questions.
Can someone who has never purchased a property before get a buy to let mortgage?
In short, Yes. Although this is possible, it does mean you’ll have a smaller choice of lenders, and the lender is likely to restrict the maximum borrowing amount to a multiple of your income. That being said, many lenders are becoming more open to lending to first-time buyers. We encourage you to speak to our experienced advisers who will be able to give you more personalised information.
Can I raise a deposit by remortgaging an existing property?
Simply put, yes. If your existing property benefits from positive equity there may be a number of options available to you from a simple remortgage to second charge loans. It is best to speak with a member of our team who’d be best placed to advise you on your options.
If you have any specific buy to let questions feel free to get in touch via email – firstname.lastname@example.org, we’ll try to answer your queries as quickly as possible.