Contractor buy to let mortgages – what you need to know
Buying property is still the best investment.
Buying a property to rent out is a smart investment. The better the property, the better the return on your investment. But this all depends on how much you can borrow. As a contractor, you may have hit an obstacle with high street lenders not offering you as much as you first thought. This is because they don’t understand contractors. We do, and we work with lenders that also understand you, basing their calculations on your daily rate.
What we can offer
- Find the right buy to let deal available for you
- We’ll do all the paperwork
- Help you every step of the way
- Deal with your solicitor and estate agents to make everything as smooth as possible
What you’ll need for your buy to let mortgage
- A deposit – these are larger than regular mortgages (15 – 25% of the property’s value)
- To work out what to charge in rent – it needs to be bigger than your mortgage repayments
- A good property – the mortgage lender will look for properties that are good investments
- To ensure you have sufficient funds to cover stamp duty, survey costs, solicitor’s fees and any letting agents you may use
- Specialist landlord insurance to cover your property both inside and out
- Evidence of your current contract showing your daily rate
- Three months bank statements showing your earnings
- Your latest CV showing your employment history
- Proof of ID
Four Easy Steps.
1
Get to know you.
Before we do anything, we listen to you so we know how you work and what you need. It’s the only way to ensure we get the right product to fit your needs.
2
Discovery
Find what’s right for you.
Once we’ve built a profile of your needs, we’ll scour the market, speaking with lenders or insurers until we’re absolutely certain that what we recommend properly covers you.
3
Recommendation
We do all the paperwork.
We’ll take you through the finer points of everything, and once you’re happy, we’ll make all the arrangements to save you time and hassle.
4
Review
We keep looking after you.
We’ll keep in touch, checking in every year to make sure the product you have is still relevant. However, if your circumstances change, we’ll help you adapt.