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Buy To Let Mortgages Buy To Let mortgages are taken out to buy a property for the sole purpose of letting as an investment. These are normally second mortgages. The rates charged on second mortgages tend to be about 0.5% to 1% higher than first-home mortgages, so it is likely that you will pay more for your loan on a Buy To Let Scheme. This is due to the nature of the loan, which is considered a higher risk for the lender. Lenders also tend to require larger deposits as most will lend only 75% of the property value though some may go as high as 85%. You are required to meet certain criteria, which vary from lender to lender, but fundamentally your application will be based on 1) Your income versus all existing loans. 2) The anticipated rental income covering a certain percentage of the loan interest payment. 3) Plus the normal credit checks etc.

Obtaining quotes for conveyancing is simple

Generally these polices will be accepted as having the potential for greater and faster growth than the with profits but there is also the risk that they may not produce such a steady long-term return

The moving in day is likely to be one of the most memorable days in connection with the property, so we hope our planner goes some way in making your move more pleasurable

Ensure that you know how the settlement figure is made up

Interest may still accrue on the balance outstanding so the exact terms should always be verified with the lender

Ensure that you understand the full implications regarding the reasons for the adverse valuation and any restrictions your lender may make

During the early years you will find the charges in certain policies will eat into the premiums and reduce the amount you are accumulating towards the repayment of your mortgage

Be precise when filling out the registration forms

Each lender will have a maximum percentage of the value that they will be willing to lend in each individual circumstances, this is more commonly known as the maximum loan to value (LTV)

The deposit is handed over to the sellers conveyancers and then a final completion statement is made by both parties conveyancers

Generally this cost is being phased out in the market but you may still encounter this premium for loans above 80% of the house value

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

This is not an obligation to purchase the property

It will be based on settling the mortgage at that moment in time, so the final figure at completion/taking entry will vary marginally

At the end of the term, therefore, you will need to repay the capital

Has the owner made any improvements? Do you have the relevant warranties? Does the property require much regular maintenance? Can you do it yourself or afford to get a professional? How much ground rent/service charges do you pay? (Leaseholds) How secure is the property, does it have an alarm? Has it ever been burgled? Ask about the neighbours

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

A number of these flexible mortgages may also offer the ability to operate your mortgage account as a bank account with the option to make withdrawals in certain circumstances

If so, be bold and ask to see them

This is a comprehensive report that provides information on construction and materials used as well as major and minor defects

Gaining as much information about the reasons for the sale and the condition of the property will pay dividends later when making an offer

It is not permissible for holders of a Mini individual savings account to open a Maxi individual savings account and vice versa