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Mortgage & Equity Release - Call Us 0117 403 4474

What is your mortgage for?

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Details sort by initial rateLenderInitial rate Rate type Overall cost for comparisonMax LTVProduct feeMonthly cost Enquire
Initial rate: 0.92%
Rate type: Fixed 27 months
Monthly cost: £559.89 per month
Max LTV: 60%
Product fee: £999
Overall cost for comparison: 3.2% APRC
Barclays Mortgage logo 0.92% Fixed 27 months 3.2% APRC 60% £999 £559.89 per month get quotes Call us0117 403 4474 More details Broker Only Deal
Initial rate: 0.92%
Rate type: Fixed 27 months
Monthly cost: £559.89 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
NatWest logo 0.92% Fixed 27 months 3.2% APRC 60% £995 £250 cashback £559.89 per month get quotes Call direct0800 068 8567
Initial rate: 0.92%
Rate type: Fixed 27 months
Monthly cost: £559.89 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
NatWest Int Sols logo 0.92% Fixed 27 months 3.2% APRC 60% £995 £250 cashback £559.89 per month get quotes Call us0117 403 4474 Broker Only Deal
Initial rate: 0.92%
Rate type: Fixed 27 months
Monthly cost: £559.89 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
Royal Bank of Scotland logo 0.92% Fixed 27 months 3.2% APRC 60% £995 £250 cashback £559.89 per month get quotes Call direct0800 068 7706
Initial rate: 0.94%
Rate type: Fixed 27 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £999
Overall cost for comparison: 3.2% APRC
HSBC logo 0.94% Fixed 27 months 3.2% APRC 60% £999 £561.24 per month get quotes Call us0117 403 4474 More details
Initial rate: 0.94%
Rate type: Fixed 24 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £999
Overall cost for comparison: 3.3% APRC
Nationwide BS logo 0.94% Fixed 24 months 3.3% APRC 60% £999 £561.24 per month get quotes Call us0117 403 4474 More details Broker Only Deal
Initial rate: 0.94%
Rate type: Fixed 27 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
NatWest logo 0.94% Fixed 27 months 3.2% APRC 60% £995 £561.24 per month get quotes Call direct0800 068 8567
Initial rate: 0.94%
Rate type: Fixed 27 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
NatWest Int Sols logo 0.94% Fixed 27 months 3.2% APRC 60% £995 £200 cashback £561.24 per month get quotes Call us0117 403 4474 Broker Only Deal
Initial rate: 0.94%
Rate type: Fixed 27 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
Royal Bank of Scotland logo 0.94% Fixed 27 months 3.2% APRC 60% £995 £561.24 per month get quotes Call direct0800 068 7706
Initial rate: 0.94%
Rate type: Fixed 27 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
TSB logo 0.94% Fixed 27 months 3.2% APRC 60% £995 £561.24 per month get quotes Call us0117 403 4474 More details
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Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

 

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

 

In this example the overall cost for comparison is 3.7% APRC representative.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

How Do I Get A Let To Buy Mortgage

Fair Mortgages Let to Buy Mortgage Service

Special features of what we offer include:

  • Whole of market service - we can compare let to buy deals from most UK lenders
  • Latest Deals - Access to leading btl market mortgage rates
  •  
  • Exclusive Rates - Access to exclusive buy to let loan deals not available on high street
  • Fast turnaround - speak to us today if you need to move quickly
  • Specialist Lenders - We have lenders who will consider adverse credit, complex income, unusual properties, lending in retirement, short term finance.

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. 

As your mortgage is such an important transaction, good advice is imperative.

You can call our mortgage broker team to discusss your let to buy requirements on 0117 313 7780 or request a callback. 

Right Bullets

How Do I Get A Let To Buy Mortgage

There are certain instances when a borrower may want to take out a ‘let to buy’ arrangement, for instance; you want to move but you are struggling to sell, or you want to purchase a new home with a partner but maintain ownership of your current property.

How let to buy works

Let to buy usually entails a borrower, who has a sufficient amount of the property’s equity, remortgaging to a mortgage that will permit them to rent it out; they then purchase a new home with a new residential mortgage, leaving the borrower in possession of two properties and two mortgages. A borrower may also when remortgaging borrow more to raise the required capital to put down the deposit on their new residential property. Borrowers usually then use the rental income of their previous home to pay for its mortgage payments and use their other income to pay for the mortgage payments on their new home.

To do so a borrower may take out a buy to let mortgage, or a specially branded ‘let to buy; mortgage that certain lenders now offer. 

Applying for a let to buy mortgage

It is possible to use either a normal buy to let mortgage or a special let to buy mortgage, which certain lenders now offer. There are some key differences with both of these types of mortgages when compared with residential mortgages:

  • Deposit: mortgages designed for a property that will be rented out tend to require larger deposits than residential mortgages, lenders often requiring deposits of around 25% this means if you do not currently have that much equity in the property you may find it difficult to convert the mortgage without paying the difference to the lender.
  • Costs: Buy to let mortgages tend to be a little more expensive than residential mortgages both with their arrangement fees and interest rate.
  • Affordability: Buy to let mortgage affordability is not usually calculated based upon a multiple of the borrower’s income and their outgoings; instead it is normally based upon the rental yield of the property. Lenders may require the monthly rental income of the property to be at least 125% of what the monthly mortgage payments would be, which needs to be based upon a professional rental valuation. 

Things to consider

Some lenders offer ‘consent to let’ agreements which will permit a borrower to let out their property while on their existing residential mortgage. This will normally be on a temporary basis and the borrower will need to prove that they would like to rent the property due to circumstances, and they did not originally intend to buy the property with the intention of renting it. This option would also not allow a borrower to raise more capital buy borrowing more.

 Becoming a landlord is not for everyone, therefore you should carefully think about it before coming one and you will need to decide on various things such as whether you will let the home furnished or unfurnished, to a single household or HMO and if you will be using a letting agency or handling the property yourself.

Mortgage adviser

Individuals interested in getting a let to buy arrangement may benefit from using the services of an independent mortgage adviser, in addition to being able to offer impartial advice one that offers a whole-of-market service can use their professional knowledge to try to search across different providers on their client’s behalf.

To find out if Fair Mortgages could help you, you can fill in the online contact form on this page. Alternatively you can call directly on: 0117 313 7780

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