Buy to Let Mortgages in Bishop’s Stortford
Buy to let mortgage advice for landlords and investors in Bishop’s Stortford, Sawbridgeworth and Thorley.
Rental income explained
How lenders test the rent against the mortgage
Personal or company
The options explained for both
One property or many
Help for landlords at every stage
Bishop’s Stortford has an active rental market, with tenants who may include commuters using the station for London and Cambridge and people working at Stansted Airport. A buy to let mortgage is assessed mainly on the rent a property could earn, and the deposit is normally larger than for a residential purchase.
We explain how lenders look at buy to let, whether to buy personally or through a limited company, and what to prepare.
Buy to let in Bishop’s Stortford
Many rental homes in the town are flats, including some near the station and in newer developments, along with terraced and semi-detached houses. With flats, lenders check the length of the lease, the ground rent and the service charge, and some will not lend on a short lease or on a flat above commercial premises. Rent, loan size and interest rate decide how much a lender will offer.
If you plan to let a home to sharers, an HMO licence may be needed, and your local council can tell you what applies to a particular property. Other points to check include safety certificates and your energy performance rating, and how letting through a company affects your tax and the lenders open to you. We explain these so you can make an informed choice, and recommend you take tax advice.
How it works
Initial conversation
We talk about your plans, your income and any properties you already own.
Your options explained
We explain the mortgages that may suit you, and what we would recommend.
Agreement in principle
A lender gives an early indication of what it may lend. This can involve a credit check.
Application
We help you complete the application and provide the documents the lender needs.
Valuation, legal work and offer
The lender values the property and your solicitor carries out the legal work.
Completion
Funds are released and the purchase completes.
For the full guide, see our Buy to Let page.
Frequently asked questions
Is a leasehold flat near Bishop’s Stortford station a good buy to let?
We cannot say whether it is a good investment, but we can tell you how lenders assess it. They look at the lease length, the ground rent, the service charge and the expected rent, and a short lease can limit the choice.
Do I need a licence to let to sharers in Bishop’s Stortford?
Possibly. It depends on the number of occupants and the type of property, and your local council can confirm. Lenders also have their own rules on HMOs, so tell us your plans first.
How much deposit do I need for buy to let?
It depends on the lender, but deposits are usually larger than for a residential mortgage. We will look at your position and what is likely to be available.
Can I buy through a limited company?
Many lenders offer mortgages to limited companies, often with different criteria. We can explain what is involved and which lenders may be suitable.
Important information
- Most buy to let mortgages are not regulated by the Financial Conduct Authority.
- Your property may be repossessed if you do not keep up repayments on your mortgage.
- Rental income is not guaranteed, and tax treatment depends on your circumstances and may change. Please take advice from a qualified tax adviser.
The information on this page is general and is not advice. Advice depends on your personal circumstances.
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