When it comes to buying property, seeking expert mortgage advice from a trained professional is invaluable, says Mortgage Advice Bureau’s Zoe Lacey, who explores the role of a buy-to-let mortgage broker.
If you’re thinking of investing money in property, or growing your current portfolio, you should seriously consider speaking to a mortgage broker. The process of acquiring a buy-to-let mortgage is significantly different to a residential mortgage, so tapping into a broker’s knowledge and expertise can put you in the best position and help things go as smoothly as possible.
What does a mortgage broker do?
A broker can arrange your mortgage, but they can do so much more than this to support your application and help you navigate the complexities of buy-to-let mortgages.
Assess your finances
Purchasing a buy-to-let property is a business transaction, and should be approached with consideration to ensure a successful and profitable cash flow that can cover expenses and unexpected costs.
Mortgage brokers will assess your finances to determine your affordability. This includes comparing your incomings against your outgoings to ensure that you make an informed choice that aligns with your financial circumstances.
Knowledge of the market
Things move quickly in the housing market. Having a broker onside whose job it is to keep up-to-date on current affairs can be a huge asset, as they can keep you informed every step of the way by sharing their knowledge.
Mortgage brokers also understand the impact of things such as the Bank of England base rate changes, and the effect this can have on your buy-to-let mortgage. Having someone bring things to your attention that you may otherwise have overlooked can be crucial to potentially saving you money.
Work closely with lenders
Mortgage brokers work with a wide range of lenders, which puts them in a great position to be able to find the right mortgage for your needs.
All lenders have different specialisms and requirements, and a broker will know which lenders’ criteria you are guaranteed to meet. This can help your application go ahead smoothly and reduce the chances of your mortgage being declined.
Brokers will also speak to the lender on your behalf, which not only saves you time, but can also speed up your application. They will understand exactly what the lender needs and be able to provide you with an update as soon as possible.
End to end support
From the initial first chat, to the day you get the keys to your property, your mortgage broker will be on-hand to support you. They will walk you through the whole buy-to-let mortgage process and make sure everything that you need to do, or think about, has been done. From types of mortgages, through to landlord insurances and tenancy agreements, they’ll have you covered.
Mortgages made easy
With mortgage rates falling, now could be a great time to consider investing in the property market. With the expertise and guidance of a broker, they can help you to secure a deal that is right for you and your circumstances.
Guest post provided by Mortgage Advice Bureau.
