New Landlords

Features and Benefits of Buy to Let Mortgages for First Time Buyers

• 75% Loan to value mortgages
• Interest only payments
• Loans for up to 30 years
• Shared properties and Student lets acceptable
• Discounted and fixed rates available
• Flexibility of underwriting where appropriate.

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If you are looking to buy your first letting property ACL will be pleased to advise you how to fund the purchase in the most beneficial and cost effective way.  

Buy to Let has been the answer for many who have been hit severely by the poor performance of pension investments and now seek a better future for their savings by investing in residential property which has proved over the long term to perform more reliably and provide tangible security.

You will normally have to have available a minimum 25% deposit with the balance of 75% being raised from a specialist lender with the assistance of ACL. You will also need to take into account Stamp Duty (if applicable) and any other costs such as a valuation fee and your solicitors fee. If you are an existing house owner ACL can often raise the deposit you need to provide by arranging a further advance on your present home mortgage or, if cost effective, a remortgage. 

If you are an employee paying PAYE you will be required to show that your income meets a minimal level which can vary with different lenders. If you are self employed, defined as owning 20% or more of your business, you will be allowed to self certify your outside income at a level in excess of the lenders requirement without providing any proof.
    
The property you intend to purchase must be a suitable security for the lender and, in the opinion of the valuer, capable of bringing in rental to cover the interest payments on your loan by the lenders specified margin.