You’ve just been awarded your first property rental, and found the ideal tenants. You now have to take care of a series of tasks before you can finally relax for a moment. There’s a lot on your plate, as well as some decisions to make about which loan suits you best to buy to let birmingham. If you find yourself not sure where to start or what type of mortgage is best for you, we can lend some guidance.
The mortgages market is rapidly changing with the new government regulation and we want to help our customers get ahead of the changes by comparing online all the buy-to-let mortgages available in real time before making their final decision for bank account opening.
Assess the Market
First, you should consider how much you will want to borrow and for how many years. This will give you a great idea of what kind of mortgage rate you can expect. You will also need to know the value of your property through manchester property investment, or how much it is insured for if it is still being built by your contractor in case of any unexpected damage. Your lender may ask for information on the rental price that you intend to charge, as well as copies of any previous rental agreements or bank statements showing who lives in your home and where they are from.
Another thing to consider when choosing a buy-to-let mortgage is the cost of the mortgages. A lender will have its own set of fees for each type of mortgage, such as mortgage application fees, a separate broker’s fee and referencing costs. Look for the total value of these charges at the bottom of every comparison you make and compare them with what you can find from other lenders.
Compare Interest Rates
The interest rate on a buy-to-let mortgage is usually higher than that on a standard bank account, but if you want to borrow more than £100,000 it will still be cheaper if you borrow from different lenders to get the best possible deal.
Compare Representative Offers
For the best looking comparison, you should look at the average representative offers from all lenders instead of only one. We can do this for you and help you to compare on everything from interest rates, to fees and valuation information, in order to give you the best mortgage deal and point out any pitfalls that could cost you a lot of money if they weren’t fixed before signing.
Get a Cheap Personal Loan
At Now Lending we feel that cheap personal loans are highly under-priced when compared with borrowing through your mortgage lender as it costs less to get this type of loan than it does to borrow for 10 or 20 years.