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Introduction to Buy to Let Mortgages
Buy to Let has had a roller-coaster ride over the last ten years and according to statistics compiled by the Council of Mortgage Lenders(CML), outstanding mortgage balances increased from £5.4 billion at the end of 1999 to £52.2 billion at the end of 2004 before falling back to just £8.5 billion in 2009.
As the Buy to Let market was booming by the end of 2004 there were 526,200 new buy to let mortgages taken (according to CML statistics) but as not all lenders are members of the CML, this figure is potentially much higher. As the credit crunch hit in 2007, the number of new Buy to let mortgages was still estimated at 346,000 but as lenders shied away from buy to let, it dropped to 222,700 in 2008 & only a staggering 93,500 new mortgages in 2009.
Property has been seen as the must have investment – where better to put your money than in bricks and mortar? It can certainly provide a good investment return and reasonable capital growth but there are also pitfalls to be wary of.
If you are looking for advice relating to specific areas of buy to let mortgages then please follow our brief guide over the next few pages as well as making use of our buy to let mortgage calculator and mortgage sourcing tool to find the best rates. However, please feel free to contact us to discuss your specific requirements.
We are not linked to any particular lender or panel of lenders and thus can offer truly independent buy to let mortgage advice on over 600 different buy to let mortgage schemes currently available in the UK buy to let mortgage market. We have also got access to many exclusive mortgages that you will not be able to find on the High Street and would not be offered even if you approached the lender directly.
We charge a fee for the advice given but this enables us to be truly independent (many financial advisers work off a limited panel or recommend a mortgage because the lender pays them the largest procuration fee). The fee for the service is £495 and then any future advice or remortgage arranged on that property is done free of charge. We pride ourselves on being extremely service orientated and the fee also includes taking you from recommendation all the way through to completion of the loan so that you do not have to lift a finger. If however, you do not proceed with the mortgage then the broker fee would be refunded in full.
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