Buy to Let
The Most Suitable Mortgage Advice
Buy To Let mortgages have seen an increase in popularity over the last decade with individuals looking to create additional income streams by investing into residential property.
If you want to buy a property with the specific intention of letting to create income and you need finance to achieve this: a Buy To Let mortgage is what you need. These mortgages work in the exactly the same way as residential mortgages with lending secured against the property over a set term. Lending can be undertaken on a capital and interest, interest only or a combination of both. This will maximise rental income by minimising the mortgage costs. Repayment of the mortgage, if done on an interest only basis, is then achieved by the sale of the rental property at some point in the future.
The minimum deposit for Buy To Let mortgages is typically 25% although some lenders do offer BTL products with a lower deposit subject to status.
Criteria does vary between lenders but two distinct lending camps have emerged over the last few years:
Lending is based on a rental stress test calculation, therefore ensuring adequate mortgage payment coverage for the lender. This calculation is typically assessed on a worst case mortgage rate scenario.
Since the Mortgage Credit Directive introduced a new legislative framework for Buy To Let mortgages there has been an introduction of two categories.
Under the new legislation, Consumer BTL Mortgages are now given regulatory protection. This has caused some BTL lenders, specifically to excluding such mortgages from their criteria.
If you wish to explore the opportunity to purchase a Buy To Let property, call Riviera Mortgages today for a free initial, no obligation, consultation.
Think carefully before securing other debts against your property; your property may be repossessed if you do not keep up repayments on your mortgage.
Riviera Mortgages charges an arrangement fee up to £495 for arranging your mortgage, the precise amount will depend on your circumstances and the amount of work undertaken. The exact fee will be confirmed before you apply for your mortgage, this is payable on application and is non-refundable. We will also be paid a fee from the lender.
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As first time buyers, we cannot thank Colin and Riviera Mortgages enough for his help and guidance with applying for our first mortgage. His availability to speak outside hours and expertise to steer us in the right direction has been fantastic. Thank you so much - highly recommend!
Having served in the British Army for over 25 years we have often had difficulty securing a mortgage. There have been several mortgage brokers in the past who have overpromised and underdelivered and others who ’specialise' in brokering mortgages for Armed Forces personnel and their families but charge a very high fee of several thousands pounds and higher. Colin’s fees have never been in the 4-figure region, he has charged us exactly the same as his other customers. Colin of Rivieria Mortgages has never charged high fees even though we have ‘challenged’ him on numerous occasions and he has always come through, regardless of where in the country we had been posted to. Having to move every couple of years has meant having a high number of addresses on our credit file, yet this has never been an insurmountable problem for Colin. Regardless of whether it was a buy-to-let or residential mortgage Colin has always delivered and with a decent rate too. His communication has always been fantastic throughout and even if it didn’t work out with one lender Colin always had other options, he would advise us and stay in contact throughout, keeping us updated on the progress every step of the way. Colin has never failed us and we cannot speak highly enough of him, I would recommend him and Riviera Mortgages to anyone and everyone, especially to those serving in the Armed Forces community.
Extremely helpful and went above and beyond to help.
The service felt personalised and unhurried.
Colin Tucker and his team from Riviera Mortgages were on hand throughout the transaction which for various reasons was particularly stressful.
Very good advice, willing to listen to our concerns and provided us with a very good over all package.
The service I have received has been excellent and I’m extremely grateful that Colin as gone up and beyond to get us the right mortgage.
Colin listened to our initial requirements & from then on carried out all of our needs with a very professional & caring manner. We can not recommend him highly enough. Thank you.
The Service provided was excellent.
The advice given was accurate and well positioned towards our requirements allow us to make an informed decision on this financial transaction
Colin and team once again provided a very personalised, friendly and efficient process, and came up with recommendations which were highly appropriate for my needs.
Nothing was ever a problem for Colin, went far and beyond to help us. Great guy highly recommend him.
Very friendly and efficient; made the whole mortgage process easy.
Colin arranged a complex mortgage package involving more than one property where specialist knowledge of the market was essential. It came together in time and with minimum fuss. Colin went to great lengths to make the process and options clear to us. We would happily engage him again.
I approached Riviera Mortgages through a family recommendation. The advice and support I received was excellent throughout. My adviser was helpful, gave clear explanations and dealt with all matters promptly. I would recommend their service to anyone.
Colin Tucker is an invaluable asset to this team. He has always given me expert advice on any matters I required assistance with. I would highly recommend this company to anyone seeking a friendly and helpful service. Colin provides a refreshing and unique approach to great customer service and his help has been very beneficial to me.
I have dealt with Colin Tucker of Riviera Mortgages for several years and have always found the service he has provided of a very high standard. The staff have always been friendly and welcoming and I would not hesitate in recommending them to friends and acquaintances in the future as I have done on several occasions in the past.
Colin has always put our interests first by giving sound and trustworthy advice. The service and support has always been exceptional. I would not hesitate in recommending him to anyone. He has always put us at ease, has a very good customer manner and makes us very comfortable in his presence. He makes everything very clear to us so we understand. He service is excellent.
We have been using Riviera Mortgages for 7 years, having needed 4 mortgages during this time. Always we have been treated with respect and consideration in a friendly, yet professional, manner. We have always ended up with the right mortgage for us with their help. I have recommended them to several of my family and friends.
We were recommended to Riviera Mortgages and we were so glad we were. From the first contact we were given exceptional service, all calls were promptly returned and we were treated with courtesy at all times. The advice we received was in our best interests and they found the most appropriate product for us. We would not hesitate to recommend this excellent team.
In our dealings with both Steve and Colin we have found their advice to be most helpful. We always feel that they listen to our needs then offer good, sound and trustworthy advice and, by putting our interests above all other considerations, we would not hesitate in recommending Riviera Mortgages to anyone.
Riviera Mortgages were recommended to me by a friend. My financial situation was immediately understood. All options were clearly and patiently explained; I was put at ease. My concerns were answered in an open and friendly way such that the time was well spent. I accepted a Mortgage Offer thanks to Mr Colin Tucker who gave me exemplary help and I made a new friend in him too. I have already passed recommendations to others. Very pleased indeed!
Colin gave us a first class service and very useful and professional advice when advancing on our mortgage. His efficiency was impeccable and we would definitely recommend him to anyone; a truly top class service.
Colin Tucker is my first port of call if I am seeking advice regarding my mortgage. Whilst he is able to provide sound, reliable advice, he has an excellent manner which enables him to explain complicated documents in plain English. Colin has the ability to provide solutions where other companies fail to do so ~ he comes highly recommended.