Current 'best buys'
There was a time when it was not difficult to quote actual rates from a huge range of buy to let products - but not any more!
At the time of writing (late 2008) the buy to let market is going through what some politely call 'a period of re-adjustment'
Others of us might be a bit more honest and say that things are in a bit of a mess!
The major problem at the moment is that the number of lenders operating in the buy to let market has shrunk dramatically. Until mortgage lending generally becomes a bit more fluid. the buy to let mortgage market is going to remain in the doldrums.
Of course, if you are a cash buyer or do not require a subtantial mortgage then the opportunities to obtain quality property at a competitive price are considerable at the moment, and many in this fortunate position are taking advantage of the buyers' maket currently operating.
With regard to rates - frankly these are reasonable, not a lot more than current domestic mortgage rates BUT, over the last year or so lenders have got into the habit of adding, in come cases, quite horredous arrangement fees to the amount borrowed. The reason for this as far as the buy to let market is concerned, is that by doing so the actual interest rate is kept artificially low, which in turns mean that the monthly repayment fits the mortgage out/rental informula.
SO IN THE PRESENT CLIMATE,WHERE DO I GO FROM HERE ?
Frankly the easiest way id to get on the 'phone and give us a quick call to find out the current situation regarding buy to let investments. Give us the basics of what you have in mind and we can tell you immediately whether it is a starter.
As we have mentioned in many places on this web site we have been in business long before buy to let mortgages were ever even heard of! We have grown up with them, advised many thousands of people over the years - whether someone starting off and putting their toe hesitatingly into the water, or dealing with established property investors, often with dozens of properties already under their belt and for whom we act constantly.
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Rather than hang about - if your interest in the market is genuine and you want some straightforward down to earth advice, pick up the 'phone now and call 01792 543500 and we will be pleased to take your call and spend as much time as you want discussing your plans. Alternatively you can send an e mail outlining the basics of what you have in mind..
To remind you - the basic information we will need to adequately advise you:
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Purchase price of the property or current valuation if remortgage
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Type of property, whether converted into flats etc. Condition (properties must normally be available for letting immediately or within 3 months)
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Mortgage required and whether you want interest only or repayment over a set term
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Type of tenant (e.g. students, family, dss)
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Existing or anticipated rental income
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Details of any other properties you may own
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Brief personal circumstances, , name address,date of birth, occupation and income plus details of any other income apart from investment income - any status problems
That number again ......................... 01792 543505
Have a nice day !
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current rates