Starting out with a buy-to-let property<\/a> comes with a raft of questions that need answers, and none more pressing than whether you should buy a new-build or a more established doer-upper property.<\/p>\n New-builds<\/a> offer a level of security and quality of build, but can lack character and established infrastructure. Older properties can offer attractive period features but may require refurbishment and updated decor.<\/p>\n Here\u2019s a rundown of some things to consider when purchasing a buy-to-let property\u2026<\/p>\n Characterless boxes or a reliable, low-effort investment? New-build homes come with a host of points to consider.<\/p>\n Charming, period feature-rich abodes, or money sponges with closets full of skeletons (and damp)? Here\u2019s what to consider if you\u2019re thinking about renovating a property to-let.<\/p>\n A new-build buy-to-let mortgage<\/a> is a loan specifically for those looking to purchase a new-build with the aim of renting it out to tenants. Owing to the perceived uncertainty around new-builds, lenders may require larger deposits or have stricter rules to adhere to.<\/p>\n If you\u2019re thinking about getting a new-build buy-to-let mortgage there are some important eligibility factors, common to many lenders, you should consider to help you qualify.<\/p>\n To compensate for any uncertainty, some lenders may require a higher deposit than you may expect, with at least 25% being the norm. Some lenders do offer deals with a smaller deposit, but these deals tend to come with stricter conditions and a higher rate of interest.<\/p>\n This will depend on the lender, but the criteria for securing a new-build buy-to-let mortgage can be more restrictive. This could include proof that your expected rental income could cover over 125% of your mortgage payments, and proof that you have an annual income of around \u00a325,000. This comes on top of more typical expectations such as having a clean credit history.<\/p>\n While these points will generally be considered for a standard application, certain regions and postcodes will be seen more favourably than others for new- build buy-to-let mortgages. Something else to consider is that flats generally face stricter criteria over houses and, if it\u2019s a leasehold property, lenders will ideally be looking for at least 85 years left on the lease.<\/p>\n While already being a landlord may improve your chances of securing a mortgage, it\u2019s not a must. Lenders may also require applicants to be over the age of 21.<\/p>\n At Mortgage Advice Bureau our advisers can help you get the right deal on your buy-to-let mortgage.<\/p>\n Visit Mortgage Advice Bureau (<\/strong>Contact Us | Mortgage Advice Bureau<\/strong><\/a>)<\/strong><\/p>\n \u00a0<\/strong><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Richard Murphy from Mortgage Advice Bureau weighs up the pros and cons of purchasing a new-build against older properties that need some love and attention for the buy-to-let market. Starting out with a buy-to-let property comes with a raft of questions that need answers, and none more pressing than whether you should buy a new-build… Read more »<\/a><\/p>\n","protected":false},"author":4227,"featured_media":5023833,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[179,2,4,6],"tags":[433,44,532],"class_list":["post-6101090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expert-advice","category-buy-to-let-landlords","category-investment","category-uk-housing-market","tag-epc","tag-new-build","tag-retrofitting"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/6101090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/users\/4227"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/comments?post=6101090"}],"version-history":[{"count":5,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/6101090\/revisions"}],"predecessor-version":[{"id":6101095,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/6101090\/revisions\/6101095"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media\/5023833"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media?parent=6101090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/categories?post=6101090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/tags?post=6101090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Investing in a new-build<\/strong><\/h3>\n
Advantages of buying a new-build buy-to-let<\/strong><\/h4>\n
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Disadvantages of buying a new-build buy-to-let<\/strong><\/h4>\n
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Refurbishing an existing property<\/strong><\/h3>\n
Advantages of refurbishing a property to let<\/strong><\/h4>\n
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Disadvantages of refurbishing a property to let<\/strong><\/h4>\n
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What are new-build buy-to-let mortgages?<\/strong><\/h3>\n
Expect higher deposits<\/strong><\/h4>\n
Eligibility expectations can be restrictive<\/strong><\/h4>\n
The location and property in question may factor into the decision<\/strong><\/h4>\n
Your experience as a landlord<\/strong><\/h4>\n
Chat to an adviser from Mortgage Advice Bureau<\/strong><\/h3>\n
Your home may be repossessed if you do not keep up repayments on your mortgage.<\/em><\/h6>\n
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.<\/em><\/h6>\n