Updated: December 16, 2021

Buy-to-let mortgage brokers

Looking for a buy-to-let mortgage and want to know how a broker can help you find the right one? This guide will tell you everything you need to know.

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Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: December 16, 2021

Buying a rental property is an excellent investment but with so many buy to let (BTL) mortgages out there it’s not always easy to know which one is right for you. One way to be certain you’ve chosen the right lender is by using the services of a professional mortgage broker.

By using this article as your guide, you’ll have a better understanding of why it’s a shrewd move to speak with a broker first before approaching any lenders.

Why you should use a buy-to-let mortgage broker

With over 3,000 BTL mortgages available in the UK right now (October 2021) there is a lot of choice. While this is a good thing, it also means you might miss out on the best mortgage for your situation because you’re bogged down with the details of so many options.

For example, if you need a mortgage to buy a rental property, should you use an interest-only method or repayment? A broker will be able to outline the differences and advantages of both so you can make a clear decision that suits your own circumstances.

Using the services of an experienced broker can be the shrewdest decision you can make, saving you a lot of time, stress and, potentially, some money too. The key, though, is finding someone with the right level of expertise to help with your specific needs. This is where we can help!

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Why use OMAs advisor-matching service rather than going to a broker direct?

Just like the BTL mortgages that are available in the UK, there are a lot of  brokers to choose from and not all of them will be experienced in the buy to let market. 

If  you want to be confident that you’ve agreed the best mortgage loan available then speaking with a broker who has worked predominantly in this field is the best way forward. We will only match you with a broker once we understand what your specific needs are.  

Get in touch with us today and we’ll match you with an expert who understands all your requirements and will ensure you secure the best mortgage for your situation.

How to get a buy to let mortgage with a broker

Getting a buy to let mortgage can be difficult but with the help of an experienced broker the process can be much more straightforward. Here’s a few simple steps we recommend you take:

  1. Decide which type of property you want to invest in and do some research around what income you can realistically expect to receive

As a future landlord it’s important to know what type of property you can afford and how much rent you think you can receive. Once you have made that decision and understand more about the costs involved you can move forward to the next steps.

  1. Check your credit reports.

It’s always a good idea to check your credit reports on a regular basis and definitely before you get started with a mortgage application.

This will give you the chance to prepare for any hurdles you might face, as well as challenge inaccuracies and have outdated information removed. You can download your credit reports through our dedicated credit reports hub.

  1. Speak to an experienced buy-to-let mortgage broker

Once you’ve done your initial research and got your credit records, you should then look to speak to a mortgage broker who specialises in buy-to-let mortgages to make sure your application gets off on the right footing.

Your broker will guide you through the process from here, offer you bespoke advice along the way and boost your chances of landing the best deal available by introducing you to the right mortgage lender, first time.

What types of properties can an advisor help you buy?

Property types really aren’t an issue at all, especially for a broker who already has extensive knowledge and experience of the buy-to-let market.

So, whether you’re interested in renting out a city centre flat, a home of multiple occupation (HMO) or a new-build property in the suburbs, a broker can help you get the right mortgage to make it happen.

As long as you outline the type of property you’re looking for from the outset, they’ll be able to guide you as to what a lender’s requirements might be.

What fees do brokers typically charge?

There can be a number of different fees to pay when you use a broker.

They can include:

  • An arrangement fee for a service you choose.
  • A fee to the broker which can be anything from around £500-£999 or a percentage of the final mortgage amount. Although it’s also worth noting that not all brokers charge a fee and in some cases the charge will relate to how complex the situation is.

Mortgage-related fees

In addition to any broker fees, the standard mortgage charges will also apply but only once your application is approved:

  • Mortgage fees: typically anything from £1,000 upwards and cover all the lender’s administrative costs for setting up the loan.
  • Buy to let exit fees: usually no more than £200-£300. Not the same as an ERC (see below) and can be applied once the mortgage is repaid or the account is closed (due to you selling the property or remortgaging with another lender).
  • Early repayment charges (ERC): typically anywhere between 1%-5% of the outstanding loan and payable if you choose to sell your investment property or remortgage before a fixed-term period is finished.

Get matched with a buy to let mortgage broker

Buying a rental property can be a big decision. By speaking with a professional broker who has experience with buy-to-let mortgages you can gain access to better deals that aren’t available on the high street while also reducing any stress linked with searching for the right product.

Call 0808 189 0463 or make an enquiry and we can arrange a free, no-obligation call with a buy to let mortgage broker with the right experience today.

Ask us a question

We can help! We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Buy-To-Let mortgages. Ask us a question and we'll get the best expert to help.

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Pete Mugleston

Pete Mugleston

Mortgage Expert

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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