Buy to Let Purchase Mortgages
If you are looking to become a landlord or you are an existing landlord looking to expand your portfolio, a buy to let purchase mortgage may be the product for you.
Ocean have a range of buy to let mortgages from a variety of lenders to help you raise funds to purchase your chosen property.
Get your free no obligation quote with Ocean here.
For further information on buy to let purchase mortgages please feel free to watch the buy to let information video shown here. You can find out more about buy to let mortgages on our video pages.
Why Choose Ocean?
If you are interested in buying a property to let out here are some things you may want to consider.
- The type of tenant you intend to let to:
Whether you intend to let the property out to students, a family, single parents or elderly tenants, you need to consider this issue as it may have an impact on the type of property you choose to purchase and its location.
- The area your proposed property will be in:
This is also a major factor, and may be linked to the type of tenant you intend to rent the property to.
- The area surrounding the location:
Another deciding factor is the surrounding area, for example what facilities are locally available e.g. shops, amenities, transport, infrastructure, schools.
- The condition of the property you wish to buy:
This needs to be considered as if improvements need to be made they may need to be factored into the amount of money you borrow and spend on improving the property.
If major renovations are needed you will also need to consider that the mortgage repayments still need to be made whilst the property is empty.
- How much rent is projected for the property:
The previous factors are likely to have a considerable bearing on the amount of rent you can realistically achieve. Other factors such as tenant demand will also affect the amount of rent you will be able to charge.
Students are a key market for prospective buy to let landlords; there is nearly always a high demand for property in a university towns and cities. Student rents are often charged on a per-room basis which can lead to a higher income overall.
With some lenders, there may be no limit to the amount of properties in your portfolio, so you could look to own multiple properties in one area.
The UK may be one of the best markets for buying to let, as it has one of the most competitive and flexible mortgage markets in Europe.
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Think carefully before securing other debts against your property.
Your property may be repossessed if you do not keep up repayments on your mortgage.