If you are planning to buy a property to rent out then you will need a buy to let mortgage. You cannot take out a standard residential loan.

As many existing landlords already know, this market has shrunk considerably over the last few years. However, there are still a lot of mortgages available.

It pays to shop around for a mortgage. Speak to a mortgage broker to find out the best deals for your circumstances.

A buy to let mortgage will have a higher interest rate than a standard home loan.  You will also have to put down a larger deposit.  This is typically a minimum of 25% up to around 40% for the best deals.

Plan Your Finances

Mortgage companies often look at affordability when making their decisions about whether or not to grant a mortgage. They will typically examine your income, as well as look at your existing loans and outgoing payments. Ifyou can reduce expensesand remove debts then you may be better placed to get a mortgage in the first place as well as to subsequently meet your mortgage payments. You will need to plan carefully in order to do this of course.

Also consider extending the period of your mortgage or looking into joint mortgages as a way of getting onto the property ladder by buying with other people. Check out what products are available to you that meet your requirements and your budget.

There is plenty that you can do to put yourself in a better position when looking for a mortgage, provided you simply plan and prepare.

Slight fall in buy-to-let loans but First Time Buyers up

The Council of Mortgage Lenders (CML) data that was released today provides a profile of the UK Lending for April 2014. The figures that cover Buy to let as well as the other lending classes show: Key facts Buy to let loans declined slightly on a month-on-month basis down 1% in April in total loans, yet the value of the loans remained the same. Over the year from April 2013 loan numbers was up by 43% and values by 57% First time buyers had an increase of loan numbers by small 1% over the month, but 37% since April 2013. In values the lending was up 3% since March 2014 and 52% over the year. Total loans for remortgaging in April was up 6% and the value of these loans was up 11% over the month. Buy to let Details Buy-to-lending lending was valued with a total of £2.2bn in April...
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House prices remain in an upward trend

“A recent report by the Royal Institute of Chartered Surveyors (RICS), has shown that house prices remain firmly in an upward trend. Whilst this might not be such good news for movers and especially first-time-buyers, it could be good news for homeowners looking to remortgage. The reason for this is
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Is now a good time to fix your mortgages?

A recent study reported by the BBC has shown a big North/South divide in terms of total UK mortgage lending.
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Non Status Finance Available

  This deal has just been sent to us by Property Secrets, so we wanted to share it with you as it looks like a good one.  Particularly with the reduction in the finders fee. If you have limited funds or cash rich – this deal will have something to offer you! Key points: ·         1 & 2 Beds Available ·         Yields up to 13% ·         Cash Buy or up to 90%LTV non-status finance available ·         Deposit from just £4,140 ·         5 Year Fixed rate finance ·         Tenanted Options ·         Huge Discounts for Cash & Multiple Buyers Pre-release special offer: £500 reduction off the finder’s fee for the first 20 reservations! My thoughts are this, with the opportunity that we are offering these will go quickly, people will take action and units will start to be secured. So if this looks like an opportunity that you would like to get involved...
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