Frequently Asked Questions

How can Ocean help with my Buy to Let mortgage requirements?

Ocean can help you arrange a mortgage or a remortgage on a rental property, generally known as Buy to Let mortgages.

They are often used for holiday homes or investment properties where the property is rented or 'let' in return for a monthly rental payment. The rental payment can then be used towards the mortgage payments.

How much can I borrow?

Advances range from as little as £10,000 for a remortgage to upto and over £1 million.

You may be able to raise up to 80% of the value of the property on a Buy to Let Mortgage, subject to the lenders’ criteria.

What purpose can I use any additional monies raised for?

If you raise any additional money by way of a remortgage you can use this for almost any legal purpose.

Many landlords simply wish to raise additional money to refurbish the property or for use as a deposit towards further properties.

You may use the funds for personal uses such as debt consolidation, a new car or even school fees.

Do I need to prove my personal income or rent received?

All lenders will need to be satisfied that you can afford the monthly repayments on your mortgage.

However this will of course vary upon your individual circumstances, so we would suggest you simply call us on the freephone number and discuss your circumstances with a mortgage underwriter in more detail.

What interest rates are available?

Ocean has access to a number of lenders which allows us access to some of the most competitive interest rates in the market. We also have access to an extensive range of products including products with Fixed rates, Variable rates, Tracker rates and Discounted rates.

Most buy to let mortgages are available on either a Capital Repayment or Interest Only basis to suit your requirements.

What if I have had some credit problems, defaults, CCJ's or mortgage arrears?

If you have had problems with credit in the past rating, don't worry. Ocean have access to a large range of buy to let mortgages & remortgages to help in a variety of different circumstance even if you have a bad credit rating, mortgage arrears, CCJ's or existing debts.

Any offer made is under absolutely no obligation so it is always worth getting a quote from us.

Will I pay a fee?

You will be charged a Broker Fee which is 3.0% of the amount advanced. This fee is only payable upon completion of the mortgage and can often be added to the amount you are borrowing.

How long will it take for my mortgage to complete?

From receipt of your application it usually takes between 4 & 6 weeks to complete your buy to let mortgage. Experienced staff will take care of the entire process, so that you can relax and leave everything to them.

Will lenders insist on any special conditions or requirements for a BTL?

As with most financial products the lenders will have a list of criteria which must be met in order for them to agree to lend. We will confirm any specific lender requirements to you once a product has been found.

Can a Buy to Let mortgage be protected?

You may want to consider arranging a policy which will pay you if your tenant defaults on their rental payments. As with all insurance products you should seek advice from an insurance intermediary or provider before deciding whether or not to arrange cover.

Is there a limit to the number of properties I can own?

It is entirely up to – and probably your financial circumstances – as to you how many properties you own. However some providers will limit the number of properties on which they are prepared to offer one individual (or company) buy to let mortgages.

As Ocean have access to a number of providers that can usually consider all applications regardless of the number of properties you own.

Are Buy To Let mortgages regulated by the Financial Services Authority (FSA)?

Buy to Let mortgages are not currently regulated by the FSA.

Can Ocean help where properties are rented to DSS tenants or Students?

Although this can be an issue with some providers, Ocean have a very wide range of products available and are often able to arrange Buy to Let mortgages on properties with either DSS or Student tenants.

Ocean Finance® and Ocean Mortgages® are registered trademarks of Ocean Finance and Mortgages Limited. Ocean Finance & Mortgages Limited is a licensed credit broker. Consumer Credit License Number 550081.
Ocean Finance and Mortgages Limited, Pacific House, Relay Point, Tamworth, Staffordshire, B77 5PA.
Authorised and regulated by the Financial Services Authority.