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A buy to let mortgage is a financial agreement that allows you to purchase a property in order to rent it to a third party. A residential mortgage doesn’t allow you to do this unless you have sought the permission of you mortgage lender. This permission usually comes with an additional fee.
A buy to let mortgage is for the sole purpose of purchasing a property to rent, thus no additional fees are charged for doing so (lender fees apply).
Mercantile Trust, unlike many other lenders doesn’t have a minimum income or employment requirement, so if you aren’t working as a result of retirement or other factors, you may still be eligible for a buy to let mortgage.
Mercantile Trust’s criteria for adverse credit is listed below, this will help you to understand whether we may be able to help you. However it’s best to speak to an advisor and explain your financial situation to them.
Up to 2 of the following allowed:
Discounted:
The buy to let mortgage rate you are offered is dependent on many factors. These are unique to your case and take into account your personal financial situation, the proposed or actual rental income of the property you’re looking to purchase and the amount you’re looking to borrow.
As a result of the amount of factors considered, buy to let mortgages rates can vary and establishing an idea as to what rate you may be offered is difficult. The best way to find out is to get in contact with our friendly advisors and explain your personal needs and circumstances to them.
It is important to ensure that you can afford the mortgage you apply for as the property may be repossessed if you do not keep up with the repayments.
The deposit that you have available will have a significant impact on your buy to let mortgage. The larger deposit that you have the less that you will need to borrow. This means that your monthly repayments, as well as your interest rate could be lower.
Mercantile Trust can lend at a maximum of 75% of the value of the property you wish to borrow for, meaning you’re required to pay a minimum of 25% deposit. If you’d like to discuss your circumstances, then feel free to give us a call and we’ll be able to help.
Going direct to a buy to let mortgage lender which can consider adverse credit such as Mercantile Trust could save you money as you avoid paying broker fees. From the beginning of your application to completion you’ll work alongside the same experienced advisor, helping guide you through the process and making it as simple as possible.
To begin your buy to let mortgage application today, fill out the form above or call an advisor.
We will do our very best to help everyone, however there are certain lending criteria and requirements that must be met in order to apply:
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Please note that in order to assess your application and provide you with an accurate quote, we will request further information from you on submission of your application. Calls may be recorded for training and monitoring purposes.