Telephone: 0800 338 3736
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
MSN Residential work in partnership with independent mortgage brokers who are authorised and regulated by the Financial Conduct Authority via a mortgage company or network. Your mortgage application will be submitted by a mortgage broker who is responsible for the advice and service provided following the submission of an application. The information above is enclosed in our Terms of Business which will be provided to you prior to submitting an application. Please click here to view this document.
We do not charge a fee for mortgage advice. We charge an administration fee for assisting with the arrangement of your mortgage contract and liaising with all relevant parties to ensure completion.
The fee payable depends on each individual application and its complexity. The typical fee we charge is 1% of the mortgage loan size of which £500 is payable on application and the remaining balance is payable on completion.
Terms & Conditions
Buy To Let Mortgages
Helping you to invest in your future…
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0800 338 3736
0800 338 3736
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Get some answers to common questions
Why do I need a mortgage broker?
It's easy to navigate the mortgage process when you have a broker that really understands your situation and budget. We'll pull together all the information you need, spending time with you to get everything just perfect.
We'll ask you questions like:
• What are your plans for the future?
• What type of job do you do?
• What's your income and pay structure?
• What are your family circumstances?
Our mortgage broker will then research the mortgage rates on offer and look at the market to provide you with clear, relevant information you can use with confidence.
That way, when you're ready to make a decision, you can do so knowing that you've got all the facts.
How does the mortgage process work?
Getting a mortgage is important, but it doesn't have to be complicated. We'll handle every step for you, deal with all the paperwork and take away all the hassle. Here's a quick overview of how the process works and how we will help you:
• We'll talk to you in detail about your situation and budget to work out the maximum you can borrow. This will help make sure you're looking for properties in the right price bracket.
• We'll explain all the documentation we'll need to put together to support your application.
• Once you've found a property, our mortgage broker will find your ideal mortgage and manage the application process for you. We'll make it as simple as possible.
• The lender then carries out a survey to assess the property, and their underwriter will review it all to confirm it's affordable for you. This might include asking for a reference from your employer or accountant
• Once the lender's happy with all the checks, they'll make a formal mortgage offer. Then we'll help you complete the legal details and exchange contracts with the seller. We'll be there to talk you through every single piece of paper so you don't need to worry about a thing.
What is a BTL?
Arranging a buy-
There is one key difference though, based on the fact you plan to rent the property out.
If you want a mortgage for a property you will live in, a lender will look at many factors, including your personal income and expenditure to help decide if they are happy to make you an offer.
However, with BTL the lender will also take into account how much you will be able to rent the property out for.
What should I consider when buying a BTL property?
There are some important decisions you need to make when deciding to buy a property to let, but we can guide you smoothly through everything. It's different for everyone, so here's a really simple guide to work out what's best for you:
Market, regulation and mortgages
Being a landlord can be a great way to increase your income. And in order to make it as profitable as possible, it's vital to get clear advice from a professional mortgage adviser. That's where we can help. We know the latest UK legislation and regulation inside out and can advise you on every detail.
Being confident you can afford it
Lenders traditionally calculate how much you can borrow by looking at the property's value and the expected rental income.
It's standard practice to build in a buffer too. This allows for hidden costs such as the property sometimes being empty, paying estate agency fees and spending on maintenance. It is calculated by using what's known as the interest coverage ratio (ICR). The ICR determines the amount the lender would like the rental income to be, to cover the mortgage and other costs.
How does the buying process work?
Here's an overview of what happens:
• First, we'll work with you to set your mortgage budget
• You start the exciting bit ‐ viewing properties
• We help you make and secure an offer on the place you want
• You instruct a solicitor to handle the legal side of things
• Our mortgage broker will finalise and submit your mortgage application to your chosen lender
• They will survey the property to make sure the mortgage you want is reasonable
• Once they are happy with the valuation, they'll make you an official mortgage offer
• Your solicitor completes the legal process so you can exchange contracts and pay your deposit
The home is now yours and it's time to collect the keys.
What is a remortgage?
There are two main reasons for remortgaging:
• To borrow additional funds
• To get a better mortgage deal with a new lender, normally when your current deal expires
Sometimes you might want to do a combination of the two.
The benefits of shopping around
It can be very tempting to simply renew with your current lender because it might seem like the easiest option. However you could be missing out on a really competitive deal, so it's always worth seeing what else is out there.
We can help you with everything, whether you want to borrow more from your lender, or switch to a new one. Our mortgage broker will do all the analysis for you, comparing what your existing lender can offer with other deals on the market.
We'll keep it really simple for you, streamline the whole process and offer straightforward advice on the benefits and risks of switching. For example, many lenders offer a free legal service with their remortgage deals, saving you money. However, if you need to complete quickly you may be better off selecting your own solicitor. We can help you with that.
For great advice on every aspect of remortgaging and what it means for your particular situation, just ask.