Conveyancing for Buy to Let Mortgages

Today's property market is changing with buy-to-let lending becoming increasingly popular with nearly half of mortgage intermediaries reporting an increase in buy-to-let business during the first quarter of this year.

For many years buy to let landlords have invested in residential properties to be let in order to make a profit. However since the mid-nineties there has been huge growth in the property market leading to an increase in demand for buy to let property. But in spite of our economic climate there are still many new buy to let options available to both existing buy to let investors and new buy to let investors. Thanks to one of the lowest base rates to date, it's never been so competitive for buy to let mortgages.

However there are many differences when it comes to purchasing a property for buy to let purposes for example many sales require a deposit which is significantly higher than a usual purchase at around 40%. Plus it's important to take into consideration issues such as landlord insurance to cover your back should your property be damaged by tenants.

When it comes to tenants there are many different types of people who look to rent a buy to let property, so whether you're a professional investor or a student buy to let tenant there are products on the market that will suit your circumstances. The majority of buy to let lenders will be looking at rental coverage of 125% of the mortgage payment so if you have a mortgage payment of 800 pounds, the buy to let rental will be 1000 pounds.

Generally the interest rate and maximum loan size available for buy to let lending will be determined by what you anticipate the rental income to be on the buy to let property, which will obviously differ from property to property taking into consideration things like location and size etc.

At OnlineConveyancing.co.uk we are a division of Drummonds Solicitors with expert property lawyers trained and dedicated to getting you one of the best buy to let offers out there. So whether you're a first time investor looking for a buy to let mortgage, looking to increase your buy to let portfolio or merely looking at refinancing your existing buy to let mortgage deals OnlineConveyancing.co.uk will be able help.