Specialist Buy to Let Mortgage Brokers
Specialist Buy-to-Let mortgage brokers can be your ticket to the fast-track of finding and obtaining the right mortgage to meet your needs and aims for your property business. A Buy-to-Let broker will have an in-depth knowledge of the entire market, including those deals offered by specialist lenders that you won’t find on the high street or online – and won’t be able to access yourself – often being able to source them on an exclusive basis.
BENEFITS OF USING A BUY TO LET MORTGAGE BROKER
Today’s mortgage market contains a huge number of products suitable for all kinds of borrowers, supplied by a very wide range of lenders or providers. The Buy-to-Let market has in particular become far more competitive (and at the same time more regulated) in recent years, and trying to navigate through the details of every offer from every lender can be a confusing and overwhelming experience.
The main benefit to you as an applicant will be peace of mind and a huge saving in time and effort. You will not find yourself constantly wondering whether there are providers or deals you have missed, nor small print or red tape that you don’t realise you have to deal with. Neither will you have to spend hours online for several nights researching products and reading up on the pros and cons of various aspects of a Buy-to-Let mortgage deal, and the rules lenders might apply (and they will differ from lender to lender).
A Buy-to-Let mortgage broker will have the benefit of experience, having handled many cases similar to yours before, and won’t be phased by lenders’ jargon or seemingly unusual demands. They can also be of great assistance with your application – helping you to complete everything effectively and flagging up the right documentation to provide to support your case. Where you might have issues (for example with any bad credit on your record) they can help to frame your circumstances in a way to show you in the best light.
All in all, working with a Buy-to-Let mortgage broker will give your mortgage application the best chance of success, as well as saving you time and money over a more conventional deal that you might have sourced yourself.
WHAT FEES DOES A BUY TO LET MORTGAGE BROKER CHARGE?
You might see many Buy-to-Let mortgage brokers online offering advice without fees, but be careful to note this is now everyday practice throughout the industry. The advice – especially the initial consultation – is free, but all brokers will charge a fee or commission for their services. However, how this is charged and who pays it can vary. Regulations introduced by the government in recent years obliges brokers to be transparent about their fees, and they may take a commission from the lender or a fee from the borrower, and sometimes both.
Buy-to-Let fees tend to be a little higher than conventional residential mortgages. The broker’s fee is often calculated according to a percentage of the total loan amount – typically around 1% – or some brokers might state a fixed fee for their service, which can vary from £500 to £1,000. In the case of a standard fixed fee, the broker will usually also take the commission from the lender; if their fee is solely based on a percentage paid by the borrower, then they will typically rebate the commission they received from the lender.
Some brokers may mention other fees that are in fact not theirs but charges from other professionals as part of the mortgage chain, which they might then pay on your behalf if you do not do so direct. This might include (but is not limited to) an application fee (which may be used to pay for the valuation survey), a booking fee (which is payable to the lender in order to secure a particular interest rate), transfer fees and legal fees for your solicitor to handle the paperwork and checks.
In the end, every professional who assists you in achieving the mortgage you need will require a fee for their services. Whether this is covered by the borrower, the provider, the broker or another adviser, the money will change hands, and any figure that looks like a saving is likely to be charged back to the customer in a more subtle way, perhaps in the form of a fractionally higher interest rate.
Remember, brokers are there to help you and are obliged to offer advice that is in your interests, not solely for them to make a profit.
WHY DO I NEED BUY TO LET MORTGAGE ADVICE?
With so much information available online these days, and with lenders becoming more and more informative and transparent in the drive to win the attention and trust of potential borrowers, you could be forgiven for wondering why you would need to go to a professional for Buy-to-Let mortgage advice before going ahead with an application. The key thing to bear in mind here is that what you can see online may not be the entire story.
Depending on your circumstances, the most favourable mortgage deal for you may not be visible online or on the high street. The large number of specialist, niche-market mortgage lenders do not advertise to the general public, instead only taking applications via trusted brokers and therefore ensuring that borrowers will be suitable for their products. Mortgage advisers have a complete overview of the market and an in-depth understanding of the deals available and lenders’ criteria across the board. You might find the right deal for you at a mainstream lender, or you could find the most suitable product with a specialist lender – but without getting professional advice, you will never know.
The main reason to get Buy-to-Let mortgage advice is to ensure you get the right deal for your requirements and obviously to save money. A professional mortgage broker will be able to look over all your circumstances, take into consideration everything that you need to get out of the mortgage in terms of the duration and the rate and the monthly payments. If necessary, they will go over the differences between a Buy-to-Let mortgage and a residential mortgage, and advise you of the options that will best suit your situation.
Your adviser might also be able to help with other aspects, such as getting a better understanding of the tax rules and implications (although we do not replace an accountant), how to frame your application successfully, and what to do if you have bad credit notes on your records. To get a full picture of how a Buy-to-Let mortgage adviser can help, get in touch with one of our team today.
WHY CHOOSE JUST MORTGAGE BROKERS?
We know you have a choice, and we value every enquiry we get. Here are the reasons why you’ll enjoy working with us to obtain the mortgage you need:
We have unlimited access to over 12,000 mortgage products through more than 90 lenders in the UK, and are usually able to obtain deals you won’t find on the high street or online, often on an exclusive basis. With this breadth of coverage, we know we will locate a mortgage that will both suit your needs and make most sense financially.
Specialist mortgage advisers
Our team has an incredible amount of knowledge and experience gained from handling mortgage enquiries and applications for people in all kinds of circumstances. Whatever your ambitions, background, business, financial status, credit rating, or stage in life, there will be an advisor on our team who can help you.
When you’ve been working with mortgages and liaising with lenders for as long as we have, you build up a level of familiarity and respect within the industry that enables you to ask the right questions, sound out lenders ahead of formal applications and help to make positive outcomes happen for your clients. We also know every inch of a lender’s criteria and ways they use to assess applicants, to avoid wasting any of your time.
A personal approach
You’ll be glad to hear we don’t use call centres. It’s easier to talk things over and get direct answers from a real person rather than wade through a website, and every enquiry we receive is dealt with by a member of our professional team. We’ll listen to you and get a thorough understanding of your needs and circumstances, so we can find the right mortgage for your situation. And when you’ve made a decision, we’ll support you throughout the process.
In short: we’re experts and we care – both about doing a great job and finding you the right mortgage. Give us a call today on 0800 114 3575, email us at [email protected] or use our simple contact form – and someone will get in contact with you.