Mortgage Advice Services: What is a buy-to-let mortgage?

Are you looking for a buy-to-let mortgage in Nottingham? A good number of people in the area have taken out such mortgages very successfully; but what is a buy-to-let mortgage? A buy-to-let mortgage, as the name suggests, is a mortgage that you take out in order to buy a property that you will then rent for income. These kinds of mortgages have not always existed – they were introduced in the UK in 1996. When they were first introduced it was quite easy to get a loan. Over time, however, due to the economic climate, lenders have become more cautious as to who they can give this kind of loan and they also demand very high payments – typically, the bank will ask you to hand over 25% of what you get in rent. Keep in mind that the interest rates on these kinds of mortgages are usually higher than in a normal mortgage.

This means that when you are considering a buy-to-let mortgage you have to consider your options very carefully. You should be sure that the amount of money that you make is more than you will be paying the lender. That is why it is worth your while to talk to a Nottingham mortgageadvice service before you make your decision. One of the best there in the area is Mortgage Advice Services. They are experts in mortgages and over the years they have helped many people get buy-to-let mortgages. The reason you need them is because they know how to make the proper calculations so that you can see whether or not your buy-to-let property will help you make money.

In addition to that they will help you when it comes to finding a lender – they know many of the top lenders and they also know what these lenders are looking for. In other words, they will save you the hassle of going from lender to lender and getting rejected. Mortgage Advice Services aims to provide their clients with unique solutions based on their current circumstances. They will evaluate your financial position and tell you whether or not this is the time to take out a buy-to-let mortgage.

You should not consult with any other Nottingham mortgage advice service when you can easily work with the best. Mortgage Advice Services can help you successfully apply and get a buy-to-let mortgage. You can find out more by calling them on 01332 257087 or on their website, http://www.mortgageadviceservices.co.uk/