Buy-to-let mortgages with Ocean
- Advice from our qualified mortgage advisers
- We help you find the right buy-to-let mortgage deals
If you're a landlord, or thinking about becoming one, check out our range of buy-to-let mortgage deals. We search thousands of deals to find the best one for your needs.
Call us if you have any queries, no matter how small, and we'll be ready to lend an ear.
0161 672 7575
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
A buy-to-let mortgage can be a good investment. The basic idea is that you pay the mortgage and charge rent to your tenants, which should ensure a profit each month.
In most respects, a buy-to-let mortgage works in much the same way as a normal mortgage. You'll choose the type of mortgage you're looking for (e.g. tracker or fixed-rate) and pay it back over an agreed term (e.g. 30 years).
However, because you're renting the property to other people and not living in it yourself, the terms and conditions are a bit different.
You should also be aware of the risk of your home being unoccupied. If your tenants leave and you're not receiving rent payments, you'll still have to pay the mortgage - so it's worth considering what you'd do in that situation.
No. If you want to rent your property to other people, you must have a buy-to-let mortgage. If you rent out your property with a normal mortgage and your lender finds out, they could take action against you.
The only exception is if you're taking in a lodger, in which case you should be able to keep your regular mortgage - but it's still best to check with your lender.
The two main types of mortgage are fixed-rate and tracker mortgages.
So if you're willing to risk your payments changing, but want to pay less now, a tracker mortgage could be the best option. If you prefer knowing your payments can't change, and are happy to pay more for the security, then a fixed-rate deal is probably best.
Switching to a new deal with a lower interest rate could potentially save you money. However, if you do this before your current deal ends, you may have to pay your lender an 'early repayment charge', which could cancel out the benefit of a lower rate.
You could add the early repayment charge to your mortgage if you like, but this would increase your monthly payments - so you should check whether it's going to save you money before you go ahead.
Ocean Mortgages arranges mortgages and re-mortgages from a panel of lenders. Ocean Mortgages will receive a commission from the lender upon completion. Ocean Mortgages charge a broker fee of between £495 to £1995 for advising and arranging a mortgage. This fee is only payable upon completion, is non-refundable and dependent on the product taken. Mortgages available subject to status. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.