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What is Buy to Let?

Whether you have just entered the rental market or if you already have a range of buy to let investment properties, buy to let mortgages can be a useful means by which landlords can maximise the potential of their portfolio.
Ocean has years of experience in helping clients get the best remortgage deals, so why not contact us to see what we have to offer. In addition to buy to let remortgages we also offer buy to let purchase mortgage solutions.

Before committing to any financial product it is always best to talk to an expert first. Here at Ocean we have years of experience in providing mortgages and remortgages as well as having a large range of buy to let mortgages, so you should be able to find a product that suits your circumstances.

Did you know...

• Income from rent is usually taxed after allowances such as for the cost of repairs and maintenance on the property
• The deposit for most buy to let mortgages is usually in the region of 20 - 25%
• The maximum loan to value with the majority of lenders is between 75 - 80%
• The mortgage term can be between 5 and 40 years
• The majority of lenders will lend to applicants aged between 25 and 75

Buy to Let for First Time Buyers

If you are considering investing in property then becoming a landlord is one way of entering the property market (although you should bear in mind that property values can go down as well as up). If you want to become a landlord the initial step is purchasing your first buy to let property, which can be done by arranging a buy to let purchase mortgage with the help of Ocean.

You may already be an established landlord and want to purchase an additional property in order to expand your portfolio. In this case you could take out a buy to let remortgage on one of your current properties or you could arrange a buy to let purchase mortgage to raise the money.

If you are interested in purchasing a buy to let property here are some things you may want to consider:

• Who you intend to rent the property out to
• The area the property is in
• The condition of the property
• The amount of rent projected for the property

Buying a rental property is an important decision and if done correctly, is one which many landlords can make a return on in the long run.

Buy to Let for Landlords

There are a number of reasons why you may want to consider a remortgage – you may have come to the end of your current mortgage fixed or discounted interest rate deal, and rather than transferring to your lenders standard variable rate (which may increase your monthly repayments), you could arrange a new fixed or discounted rate product which could reduce your repayments or provide the stability of knowing they will not increase for a set period of time.

The second common reason to remortgage is to release capital through the equity within your property to spend on other things, so you could treat yourself to a family holiday, buy a new car, make home improvements or use the money to consolidate any other outstanding debts and ease your cash flow.
Both of these options are often available to you with buy to let remortgages, but you will be using the property you rent out as security, rather than the property you live in.

Some additional reasons to remortgage a buy to let property are as follows:

• To get a lower rate and save money
• To raise extra cash for renovations
• Debt Consolidation
• A one off purchase such as a Holiday or New Car

Rental income may be enough to cover the monthly mortgage repayments and any excess could be used to improve your properties, possibly justifying a higher level of rent.