How To Qualify For A Barclays Buy To Let Mortgage

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If you want to invest in the real estate market, Mortgage can help you get a big bang for your buck. Investment is appealing, but the volatility of the stock market may often make your stomach churn.

Buy-to-let properties are the ones you specifically buy to rent out for lucrative returns at minimum risks involved. However, buying a property requires big money, and you may need a helping-hand to trigger your buy-to-let earnings.

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Barclays Buy-to-let Mortgages offer that helping hand in the form of a loan designed for rental properties. It helps you establish a long-term income source with minimum capital investment. Read on to learn if you qualify.

How To Qualify For A Barclays Buy To Let Mortgage

Benefits Of Investing In Rental Property

Investing in real estate can make you some big coins because of the increasing value of land over time. Buy-to-let properties give you the flexibility to choose how much you charge for rent and how you maintain your property.

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With time, you can also increase the rent with appreciation in property value. You also have the option to sell it at a higher price after clearing your mortgage loan.

Generally, your rental income is enough to pay for your mortgage interest, so nothing goes out of your pockets. What’s the best deal? Rental property owners are entitled to tax deductions on interest, property tax, insurance, and more.

Features Of Barclays Buy To Let Mortgage

There are many reasons that make Barclays an ideal lending partner for your property. Some of them are listed below.

  • Barclays offers affordable interest rates varying from 1.89% for a 2-year variable rate to 3.49% for a 5-year fixed rate.
  • The repayment term depends on affordability, and it can even stretch up to 35 years.
  • The lend-to value (LTV) is as high as 75% even for interest-only mortgage plans.
  • The maximum individual loan size can stretch up to 2 million GBP with the minimum amount being 35000 GBP.
  • The company extends total advisory support with 24/7 access to mortgage officers. (not applicable on national holidays like Christmas)

Am I Eligible?

To efficiently manage your mortgage payment, you should meet the following criteria before applying.

  • You have a decent credit record and aren’t stretching out on other borrowings like credit cards and housing finance.
  • An applicant should earn satisfactory annual income (at least 25000 GBP) to get approval from the lender for a buy-to-let mortgage.
  • Have some fixed deposit (20-40% of the property’s value) ready with you before applying.
  • Your estimated rental income should be at least 25% higher than your mortgage payment. It is to ensure that you can cover the expenses of the loan and still get some profits.

What Documents Do I Need?

  • Photo ID (current passport or DL), proof of income, and proof of address (a utility bill or bank statement)
  • Details of the bank account that you will use to make mortgage payments.
  • Complete details of outstanding loans, including unpaid credit card bills, overdrafts, car finance, etc
  • The details of the property you want to buy, including current value, address, solicitor’s details, and lease agreement details (if any).

How to Apply?

Follow the simple steps to apply for Barclay’s buy-to-let mortgage online.

  • Work out a budget for the amount of mortgage you can afford using Barclays’ buy-to-let calculators.
  • Get an Agreement in Principle (AIP) to find out if you are eligible to borrow the amount from Barclays. You can do it online on the Barclays official website.
  • Keep your documents in check and call a Barclays representative (0333 202 7580) to book an appointment with their mortgage adviser. You will be guided further with the process.

How To Qualify For A Barclays Buy To Let Mortgage

How To Qualify For A Barclays Buy To Let Mortgage Conclusion

Once your mortgage is in place, you can sit back and enjoy the money flowing in regularly. By planning properly, you can easily cover your mortgage interest payment with your rental income. If you qualify, you no longer have to depend on a single source of income.

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