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How To Find The Best Buy To Let Mortgage

Published: 06 September 2014
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Author: Carl Shave - CEO and co-founder
Last updated: 26May2024

Whether you are planning to buy your first or your 50th investment property, it’s vital that you choose the right buy to let mortgage for you. You will need to consider a number of factors, such as deposit amounts, eligibility criteria, interest rates, and repayment amounts. Buy to let mortgages often set different lending criteria and have higher interest rates than standard mortgages due to increased risk, you are also expected to have a higher deposit than an owner/occupier would need.

There are three options when it comes to finding the best buy to let mortgages. You can use online comparison websites, speak to mortgage lenders directly, or you can speak to a mortgage broker. This article will take you through the pros and cons of each option.

Online comparison websites

Online comparison websites will take you through a series of questions relating to your circumstances and the type of mortgage you are looking for.

Pros – This is a quick and easy way to get an overview of the buy to let mortgages available and it’s a great starting point when you are looking for a new mortgage.

Cons – As easy to use as they are, mortgage comparison websites don’t give you the whole story regarding rates, likelihood of acceptance etc… The options and rates that they return based on the high level of information you have given them about your circumstances will only give indications of what’s available.

It’s more difficult to get additional information based on your circumstances or answers to any questions that you may have because you are dealing with a computer rather than a human being.

At some point you will still have to speak to the mortgage provider in question. Getting a mortgage offer won’t happen exclusively online.

Speaking to the mortgage provider directly

Speaking to a buy to let mortgage provider directly means that they can take you through all of the options they have with regards to their mortgage products.

Pros – by speaking to the provider directly you will be able to have any questions you may have answered directly. You will also get more of an idea about the mortgage options on offer, the rates you are likely to get, and the likelihood of acceptance.

Cons – you will only get information on that particular lenders mortgage options and if you are interested in speaking to more than one lender it can mean a lot of time spent on the phone, or in meetings at various banks.

Talking to a mortgage broker

Whether you talk to a mortgage broker on the phone or in person they will take you through multiple options from multiple lenders. They will also take you through the search and application process step by step.

Pros – mortgage brokers often have access to the best deals from high street and smaller lenders alike. They have also built up relationships with and knowledge about how the panel of mortgage lenders they use operate, and can use this when providing advice.

Your mortgage broker will have all the up to date information on current rates and application criteria to hand so you won’t have to spend time speaking to lenders individually. Your broker can do that for you.

Cons – as brokers ourselves we would love to say that there aren’t any cons to using our services. However, if you are simply looking for an overview of what’s currently on offer, or will only go with a particular lender, then you may be better off with comparison websites or speaking to your preferred lender directly.

If you would like to discuss your options when it comes to finding the best buy to let mortgage you can speak to our team directly on Freephone 0808 250 3094 .