Finding a Buy to Let Mortgage Lender

If you are looking for a buy to let lender, then you are probably already aware that each one is different. They each have their own certain conditions and rates that they offer. There’s no way to state one is better than another, it is just about finding one that best suits your needs.

Your individual circumstances will determine which buy to let lender is worth contacting. Your age will be one of the factors they look at. Some will only give mortgages to people over the age of 25, so it is worth looking at this if you are under that age.

The next thing will be your current employment status and credit history. If you have bad credit history then it might affect certain lenders decisions on giving you your mortgage. The same is true with your employment status too. If you are self employed and self certify your earnings, some lenders might not accept this and would need to see your proof of income themselves.

It may also be a factor if you have other properties or if it is your first one. Many buy to let lenders prefer landlords that have other properties as it shows they have equity. If it is your first property then you may be seen as a risk and in the current economic climate it might be a risk that some lenders won’t take.

So before you can even start to compare the rates that these buy to let lenders are offering, you first need to see if they will accept you on the amount you are looking to borrow. Only then can you start comparing interest rates and terms to choose the best one to suit your needs.

By having all your information written down and to hand, it should speed things up when contacting the lenders. In most cases it shouldn’t take too long to get your decision and then you can move on to compare them with other lenders.