Royal Bank Of Scotland Buy To Let Mortgage
Compare Royal Bank Of Scotland Buy to Let Mortgage Rates
Buy To Let Mortgage Service
Fair Mortgages can provide you with a first class service if you are looking for the best buy to let mortgage deal for your circumstances, alternatively you may wish to deal with RBS direct - You can call them direct on 0800 096 7962.
Our independent buy to let service offers:
- Whole of market broker - we deal with most UK buy to let lenders including Royal Bank Of Scotland
- Access to leading buy to let market rates
- Expert help whether you are a first time investor or full time landlord
- We have lenders who will take into account previous defaults and missed payments
- Complex buy to let or have a portfolio of 5+ properties? - speak to us
To investigate your buy to let mortgage options including Royal Bank Of Scotland call our specialist team on 0117 403 4222 or fill in our call back form.
Royal Bank Of Scotland Buy To Let Mortgage
Founded in 1727, the Royal Bank of Scotland offers a range of buy to let mortgage options.
RBS offer a selection of Tracker and Fixed Rate options at varying levels of maximum loan to value.
No matter if you are already a landlord or you are looking into purchasing your first investment property, you could benefit from enlisting the services of an independent mortgage adviser to help you find the right product. Not only can an independent adviser offer you impartial advice throughout the buy to let mortgage process, but one that offers a whole of market service can use their professional expertise to find that could present you with the best deal for your specific circumstances.
There are also a selection of lenders who have a range of mortgages that can only be accessed via a professional intermediary.
If you think Fair Mortgages might be able to help you, you can fill in our online contact form to request a call back from one of our mortgage advisers and receive a free initial consultation. Alternatively, you can call us directly on 0117 403 4222
Getting a buy to let mortgage
While you may be familiar with residential mortgages, if you have never had a buy to let mortgage before there are a few key differences from other home finance you may have had previously.
Deposit – While home buyer mortgages can commonly be secured with relatively small deposits, buy to let lenders tend to require borrowers to be able to put down a deposit of at least 25%. However, there are products available for lower deposits. As with all types of finance, the larger the deposit you can afford to put down the cheaper your mortgage repayments will be.
Affordability – Unlike homebuyer mortgages where the affordability is usually based upon a multiple of your annual income, buy to let lenders normally base affordability on the rental valuation of the property. As a general rule, lenders require the rental yield to be at least 145% of what your monthly mortgage payment would be.
While affordability is calculated on the rental potential of the property, lenders may still have a requirement for the minimum income and also require applicants to already be homeowners.
From 2017, lenders will implement a strict income stress test to make sure all the landlords they provide buy to let mortgages to can afford the monthly repayments. In order to identify suitable applicants for their buy to let mortgages, during the application process, lenders will analyse landlords' income with more scrutiny than before. To satisfy the lenders' income stress test, landlords will need to show that they can afford mortgage payments in the event the interest rate increases to 5.5%.
For landlords with multiple properties, lenders will review a landlord's entire property portfolio to make sure every property is profitable. If a lender finds that one or more of a landlord's properties are not profitable then a buy to let mortgage will not be provided. It should be noted that landlords can no longer spread equity across their portfolio to account for a property that does not provide positive returns.
They may also stipulate the minimum age that an applicant can be, as well as the maximum age that an applicant can be by the end of the mortgage term. These stipulations can vary considerably between providers, so it is worth shopping around to try and find a product that fits your circumstances.
Speak to our specialist team on 0117 403 4222 to help you find the right mortgage option for you.