Mortgage matters…

Paul Rockett, Managing Director of NLA Mortgages, gives advice on choosing the right buy-to-let mortgage.

The buy-to-let mortgage market has improved significantly during 2011 with an increase in the number of lenders and products available to landlords. In fact, the number of products available via NLA Mortgages has increased by almost 25% since the beginning of April this year. This is great news for those of you looking to expand your portfolios as there is now a wider choice and some excellent deals on offer.

However, with the increase in the number of products available it can be quite challenging to find the right deal to meet your individual requirements, and each buy-to-let lender has different criteria which may or may not be suitable to your needs.

In order to help narrow down your search, there are a number of important questions to answer, for example:

• Are you purchasing or remortgaging the buy-to-let property?
• What is the value of the property you are purchasing/remortgaging?
• How much would you like to borrow and what is your deposit?
• What is the expected rental income for the property?
• What type of property is it e.g. house, flat?
• Are you already a landlord with existing buy-to-let properties?
• Would you like a fixed or variable rate mortgage?

The answers to these questions will help to determine which lenders and products are available to you. For example, only certain lenders will lend over 75% loan-to-value or to landlords with larger property portfolios.

The good news is that with more lenders in the buy-to-let market, products are becoming more competitive and the average tracker and fixed rate have decreased over the last year. This means that buy-to-let finance can be more affordable, and with increased tenant demand and rents, now could be a good time to invest.

If you are thinking of arranging a buy-to-let mortgage, NLA Mortgages could be a good place to start. It provides you with a free online buy-to-let mortgage finder, enabling you to search an extensive range of buy-to-let mortgages from the whole market, including some products that are not available in the general marketplace.

You can enter your own specific loan requirements and other search criteria to find a product to suit your needs. You can also sort the search results by lender, initial rate, product type, loan-to-value etc according to what is important to you. Once you have found a suitable mortgage you can either apply online or if you would like to discuss your options, our team of buy-to-let mortgage experts is available to help you.

It’s important you choose the right mortgage for your needs.

Visit the www.nlamortgages.co.uk or telephone 029 2069 5555.

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