How do the new PRA regulations affect me?
As well as the marginally increased stress tests introduced in January 2017 in Phase 1, which means that your rental income generally won't go as far as it did previously in generating the size of your buy to let mortgage. Lenders are also now required in Phase 2 to look more heavily at the performance of any existing portfolio of 4 or more investment properties. So as well as there being a rental stress test on an individual property being purchased or remortgaged, there are also certain performance markers that your current buy to let property in the background must meet. There have been many changes in the industry and a few more barriers to break through, but lenders are certainly still lending and we're able to help most sensible propositions. Mortgage Brokers have become polarised into those that haven't kept up with the changes, and therefore struggle to advise properly in the market, and those who have flourished under the changes and deal with larger portfolios and more complex scenarios in the limited company lending world. At The Buy to Let Broker, we're certainly in the latter category and well used to dealing with specialist lenders and complex scenarios every day.
Are you ‘whole of market’?
Yes indeed we are, but so are a lot of brokers. What sets a great broker apart, is knowing their way around all buy to let lenders products and criteria with total confidence, appreciating who will accept what, and who won’t – seeing potential problems before they occur. Therefore how we use the tools at our disposal is what makes the difference. We put in the hard work to find you the most competitive deal from the growing offering out there, and make sure we navigate the maze of criteria successfully for you. You can find more information on our approach on 'What's The Process' page. Knowing buy to let inside out means we find you the right deal – and saves us having to backtrack to other lenders.
Are you FCA regulated?
Yes. We are fully authorised and regulated by the Financial Conduct Authority via our approved network HomeLoan Partnership Limited under ref 506579. The Financial Conduct Authority does not regulate some forms of Buy to Lets. See our full compliance details at the bottom of the page.
What information do you need from me to get started?
Just the basics about your situation, income, preferences and property to be purchased. We need it so that we don't quote you mortgage deals you don't qualify for, there are lots of confusing criteria out there! It takes about 10-15 minutes to get started. Take the first step by giving us a call, or filling out the form below.
What's the best rate for me?
Sorry but that’s a toughy, a bit like calling an insurance company and asking for their best quote without telling them what car you drive, or how old you are! ...we can answer, but the figure is not necessarily relevant to you! The mortgage quote needs to fit many parameters. Also, the best rate isn't always the best deal, and we can usually find something more cost effective when we look at the set up fees and view the deal as a whole. In other words the cheapest rates usually have the most expensive fees, and often aren't worth paying. You can get a general idea on our Mortgage Rates page, but you'll need to give us a call, or email us to make sure you are eligible for it. We may also use our expertise to recommend any other mortgages suitable for your situation.
Who will deal with my case?
You will have one fully qualified and experienced Buy to Let specialist looking after you throughout the quote stage, application and beyond. We give you the continuity of one adviser – so you won’t have to go over old ground and things are never disjointed. The advisor is backed up by a mortgage administrator. We will always know where your case is up to at all times and we are available outside of office hours for you too. It takes about 10-15 minutes to get started. Take the first step by giving us a call, or filling out the form below.
How long does it take to get fully approved?
We can move very quickly for you, securing you a decision usually the same day, once you've agreed your quote. A mortgage offer tends to take between 1-3 weeks from application submission depending on the lender. If you feel the ‘need for speed’, we can avoid any slow coach lenders and recommend only those that can meet your deadline. Definitely needed where repossession purchases are concerned for example. We’ve never believed in the old saying "no news is good news", because in this business it isn’t - we push things through as quickly as possible for you, unless of course you wish us to slow things down for your own reasons!
Can I let my own home to buy another? (Let to Buy)
Potentially, yes, a common scenario being that the home won’t sell (at least for a price you would want) so there are options here, you could ask your existing lender for a consent to let, but it might not meet the lenders requirements or they may just refuse, and also may mean you don’t have a decent enough deposit for your next home. The solution might be to get a buy to let mortgage for your current place, raising a deposit for the new home...but it will all depend on the amount of equity you have and of course what your end goal is. There is plenty to consider and so you need the right advice.
What will you charge me?
Firstly, the charge is linked to loan amount, smaller loans attract a results based fee. Whereas with larger loans we can consider not charging a broker fee dependent upon the complexities of the case. Largely our fees are based on how complex the case is, and the expected level of work required to get you to completion. You will know our proposed fee from the get go. Our regular clients certainly think we are worth the money and keep coming back. You’ll see good value on your results based fee when using ourselves.
Why should I use you?
In brief, we are specialists in this area, so we know our stuff, you can pick our brains and get to know us, take some quotes at no cost and see the very best the market has to offer to you. We only quote deals which fit your circumstances, we are flexible and can tailor our service to you, and don't have annoying company policy and red tape to get in your way.... We are always available and our priority is getting you the best deals and completing your case with the minimum of hassle and fuss.....and keeping it straightforward for you the whole time! If you have any more questions to ask us and would prefer an emailed answer then please get in touch.