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Buy to Let Mortgage Advice in Leeds

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Let us find you a suitable buy to let mortgage!

Becoming a landlord of a buy to let in Leeds has to be taken with caution because time and money are involved in purchasing, maintaining, and renting out the property.

 

Suppose you’re looking to make your first investment or expand your property portfolio; depending on what you are looking to achieve, you may find the help of our expert buy to let mortgage advisors in Leeds beneficial.

 

Our trusted and hardworking team of mortgage advisors and administrators has a wealth of knowledge regarding buy to let mortgages in Leeds, making sure they are up-to-date with all the latest market updates and legislation.

 

Having the ability to search thousands of deals, we have assisted many landlords looking to either purchase or remortgage to find them the most appropriate and favourable buy to let mortgage in Leeds for their circumstances.

How much deposit do I need?

To get a mortgage on a buy to let property, you may be asked to provide a deposit between 20%-40% of the property’s price.

 

You will also need to provide sufficient evidence that you can afford another mortgage. Proof of this will be through documents, credit checks and affordability assessments.

How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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Common Buy to Let Mortgage Scenarios 

After working with many landlords in Leeds, we kept encountering the same scenarios that our customers needed our help with. As part of our free initial mortgage consultation, we can look at a large variety of things. These can include:

Buy to Let Remortgage Options & Deals 

Existing buy to let landlords in Leeds sometimes find themselves looking to expand their property portfolio further by purchasing additional properties.

 

To achieve this, buy to let landlords look at remortgaging a property from their portfolio and using that release of equity to cover the deposit of purchasing a property in the future.

 

If any potential arrears occur, a buy to let landlord in Leeds might take a look to raise capital against another property in a bid to cover the debts instead of selling off a property from.

Limited Company Mortgages / Special Purpose Vehicles (SPVs)

While this process has its pros and cons, some buy to let landlords purchase additional properties for their portfolio through a Limited Company or SPV (Special Purpose Vehicle).

 

This topic will need to be discussed more with a specialist mortgage advisor in Leeds to see if this is the correct route to go down.

HMO Mortgages

Usually, five or more people occupy a House of Multiple Occupation (HMO for short). Some landlords prefer this option because of the potential higher yields this option is known to offer.

 

Most lenders will not offer this option, but some might provide different interest rates to what you might find with regular buy to let mortgages in Leeds.

Buy to let mortgages

Other options we may assist with include mortgage advice for retired landlords, buy to let mortgages for first time landlords, and specialist mortgage advice in Leeds for those with complex or unique situations in the world of buy to let mortgages.

 

If you are looking for expert buy to let mortgage advice in Leeds, please feel free to contact us to book your free buy to let mortgage consultation.

Open & Honest Mortgage Broker in Leeds

As your dedicated & trusted buy to let mortgage broker in Leeds, our team of mortgage advisors and administrators in Leeds are available seven days a week to help and support you through the entire mortgage process.

 

We understand that, buy to let mortgages may not always be straightforward. That’s why our team do the there best to help you overcome any hurdles that we face, hopefully.

 

Here at Leedsmoneyman, your happiness with the service you receive is essential to our entire team. All our hard work shines through our genuine Customer Reviews.

 

If you need assistance with a buy to let mortgage in Leeds, please contact our mortgage advice team.

 

Having over 20 years of experience in the mortgage industry, we do what we can to give you the most suitable mortgage deal for your circumstances.

 

Contact us today to book your free initial buy to let mortgage consultation.

What our customers say

Common mortgage
questions

The minimum deposit for a buy-to-let mortgage in Leeds is usually 25% of the property’s value (although it can vary between 20-40%). 

Our free initial mortgage consultation can roughly last up to one hour. As a skilled Mortgage Broker in Leeds, we can get you an Agreement in Principle within 24 hours after we have all the correct information. On average, a formal mortgage offer takes about three weeks. 

If you’re an employee, you will usually have to supply three pay slips to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ accounts. You will also need to provide proof of ID, address and three months’ bank statements. 

If you can show evidence of at least one year’s accounts, you may be able to get a mortgage. Most lenders in Leeds will use your salary plus dividend to work out your maximum mortgage. However, some can go off your net profit. 

Despite having shown any credit problems in the past, the good news is you may be able to get a mortgage, but it means you may be required to put down a higher deposit, e.g. 10 – 15% of the property purchase price.

You can have two mortgages running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home. 

An Agreement in Principle typically lasts for between 30 and 90 days depending on the Lender used. If your Agreement in Principle expires, it can easily get renewed by speaking to a Mortgage Advisor in Leeds. 

As a committed Mortgage Broker in Leeds, we will carry out a Fact Find to establish your personal needs before we go ahead with advising the most suitable mortgage for your circumstances. From there, you will be credit checked, which is a requirement to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can be issued a formal mortgage offer. 

Your free mortgage consultation with a Mortgage Advisor in Leeds will last around one hour. Once they have evaluated your circumstances, they will advise a mortgage with no obligation for you to proceed. Based on the deal, you can determine whether or not you want to continue the process. 

To help demonstrate that you are creditworthy and assess your affordability for a mortgage, we recommend getting an Agreement in Principle ready before viewing properties in Leeds. At the very latest, you should obtain one before making an offer to assist your bargaining position and show any seller that you are ready to proceed should they accept your offer. We are typically able to obtain an agreement in principle within 24 hours.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

Leedsmoneyman.com & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Leedsmoneyman - Mortgage Broker

Leedsmoneyman, Wizu Workspace, 32 Park Cross Street, Leeds, LS1 2QH.

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