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How to Quickly Compare Buy to Let Mortgage Products ,Burberry Outlet Online
By K Damian Qualter
Over the last few years the buy to let market has become very popular for first time investors and thankfully mortgage lenders are starting to pick up on this fact. Many of the big names on the high street e.g. Barclays,Burberry Bags, Natwest,Burberry sale, RBS etc. now offer comprehensive ranges of buy to let mortgages,Burberry Bags Outlet, and of course as they are vying for your business they all include their own little perks and special deals.
So how do you choose between them, and what do you need to compare before signing on the dotted line,
The Interest Rate
The interest rates charged by lenders on buy to let mortgages are generally very similar but occasionally a lender will offer a discounted interest rate on a specific buy to let mortgage range in order to attract attention. Discounted interest rates are very tempting and they can potentially save you thousands of pounds during the discounted period. It is vital however to check the standard interest rate as well i.e. the rate charged following the discounted period,cheap Burberry outlet, and the fees charged for either swapping to a different buy to let mortgage product or to another lender entirely.
You will often find that mortgage lenders who offer discounted interest rates charge a slightly higher than average standard rate. Others will charge higher arrangement fees or they will penalise early redemption with a costly fee. For this reason it is highly advisable to check the terms and conditions of discounted mortgage products even more thoroughly than you normally would.
The Terms and Conditions
The terms and conditions of buy to let mortgages are very similar to those of a standard mortgage with maybe a few little differences. This section of the application form provides you with all the information a financial institution is required to give you by law,,but there is nothing to say they have to write the terms and conditions in such a way that they can be understood by a non professional. If you find you have trouble understanding the terminology it is worth paying a financial advisor to go through the
application process with you. At least then you won,Belstaff,,t be presented with any nasty surprises down the line.
Among the top things to compare when it comes to terms and conditions are the chargeable fees. So, make sure you look at arrangement fees,Chanel Handbags Outlet, late payment fees and early redemption fees. Arrangement fees for buy to let mortgages can cost upwards of ,,3000 and whereas some lenders will add the cost to the amount borrowed for the mortgage, others like the money upfront, in addition to the deposit they will also require.
You might also want to check to see if your preferred mortgage lender specifies the need for dedicated landlord insurance,Chanel Handbags Sale, and if so do they further specify the insurance company you need to use. Not all lenders insist on this type of insurance product but some do, simply as an extra safeguard on their investment. Landlord insurance is more expensive than good old fashioned buildings and contents insurance,Burberry outlet, and if you don,,t get a choice with regards to insurer you could get a larger-than-expected insurance bill landing on your door mat.
The Deposit Required
It,,s a well-known fact that buy to let mortgage lenders very rarely lend over 75% of the purchase price of the property in question, and a lot will only lend 60% in the current economic climate. A few lenders will occasionally accept 20% deposit but for this they will require proof of an annual salary in excess of ,,50,000. The result of this lending criterion means that in order to even look at investing in the buy to let market you will need a large cash sum available to use as a deposit.
As an example let,,s say you want to get a buy to let mortgage on a family property on the market for a reasonable ,,160,Burberry Outlet Sale,000. At best you will need ,Cheap Chanel Handbags,,40,Belstaff Outlet,000 as a deposit and at worst you will need ,,64,Belstaff leather jackets,000. Not exactly the kind of money you have lying around in your current account is it,
The size of the deposit required is easily one of the biggest comparable features of buy to let mortgages and as such it can often be used as a way to narrow down the number of mortgage products available to you.
In Conclusion
Comparing the pros and cons of buy to let mortgages takes time. It is after all a massive financial commitment. If you haven,Prada handbags Sale,,t got hundreds of thousands of pounds lying around doing nothing then the size of the required deposit is probably the best place to start. Narrow down the possibilities according to the deposit you can afford and then move on to the interest rates and the small print.
If you are in a hurry a financial advisor or a good mortgage broker can do all this for you, but obviously at a price. Either way, taking the time to compare the range of buy to let mortgages available to you could potentially save you thousands of pounds over the first few years and much more in the long run.
K Damian Qualter is a leading expert in the field of Buy to Let Property investment and founder of http://www.buytoletlandlord.com
The UK,,s No.1 Online Landlord Community ,www.burberry-bagoutlet.com,C FREE Resources, Expert Interviews & News, Videos, Audios, Webinars, Landlord Forms, Guides, Buy To Let Mortgage Information, Landlord Insurance Quotes. FREE Membership Join Online NOW
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