Buy To Let
Thinking of becoming a landlord - we aim to help
Maybe you've thought about becoming a landlord and renting out property but didn't know where to start. Well let Pacific Financial help - it may be easier than you think.
Buying a property to rent has become popular with some investors over recent years, so many lenders now offer "Buy to Let" mortgage schemes.
There are lots of reasons why people consider entering the Buy to Let market. In recent years the low interest rates have made it more affordable for some investors. You may achieve a steady income from rental, however, you should be aware in periods when the property is not tenanted you are responsible for the repayment of the mortgage. In terms of investment a house has lots of potential opportunity for capital growth (be aware property prices may fall as well as rise).
With many Buy to Let schemes you are often not required to prove your income as lending is calculated on the anticipated rental income. Usually you will have to have a minimum of 15% deposit although some lenders may ask for more. If you do not have the deposit available it may be possible to raise some or all of the money by remortgaging your existing property.
Your property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it. The Financial Services Authority does not regulate some aspects of buy-to-let mortgages or secured loans.
Pacific Financial Services (North West) 150 Briercliffe Rd Burnley Lancs. BB10 2NZ is authorized and regulated by the Financial Services Authority We are entered on the FSA register No 302245 at www.fsa.gov.uk/register. There may be a fee for mortgage advice, the precise amount will depend on your circumstances but we estimate that it will be £195. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
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