Mortgages For Experienced Landlords
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Mortgages for Experienced Landlords
If you currently own buy to let property or you have previously been a landlord you may be wondering if there are any specific mortgages for experienced landlords available to you. Whether you have one buy to let property or dozens arranging the right finance for your specific needs is wise, therefore you may wish to shop around providers to see what might be available to you.
Although the exact definition of what makes an experienced landlord may vary between providers the general consensus is that an experienced landlord is: Someone who currently owns a buy to let that has been rented out for at least 6 months on an Assured Shorthold Tenancy.
Other types of borrower an applicant might be categorised as when applying for a buy to let mortgage can include: First time buyer (someone who has never owned any property before) and first time landlord (Someone who owns a residential property, but has never had a buy to let before)
Experienced landlords may find that there are more specialised buy to let mortgages available to them or buy to let products are available with higher Loan to Value (LTV) ratios, this is because lenders perceive experienced landlords as being at a lower risk of defaulting on their mortgage, than first time buy to let borrowers.
There is a selection of lenders that offer specialist buy to let portfolio mortgages. These products allow landlords to consolidate any existing buy to let mortgages into one portfolio mortgage. These products typically contain a variety of different interest rates, while still being treated as a single account, despite the fact they contain multiple separate properties, so there is only one Direct Debit Mandate and mortgage statement.
These products allow landlords to spread equity over their portfolio as a whole; however, they may not be the right choice for everyone and should be carefully considered before being taken out.
While an experienced landlord may have gone through the buy to let mortgage application process numerous times before, they may still wish to think about using the services of an independent mortgage adviser, who can offer impartial advice. Advisers which offer a whole of market service can also use their expert knowledge of mortgages to search across different providers to try and find the right products for their clients. There is also a selection of specialist mortgages that can only be accessed via an intermediary, which could present the best deal to certain individuals.
To see if Fair Mortgages could help you, you can use the online contact form on this page to request a call back from a Fair Mortgages adviser. Alternatively you can call directly on: 0117 403 4474