Buy to Let Mortgages in Great Dunmow
Buy to let mortgage advice for landlords and investors in Great Dunmow, Felsted, Takeley and Stebbing.
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
Rented homes in Great Dunmow may suit people working locally and commuters who use the M11 and nearby stations. Whether you are buying your first rental or adding to a portfolio, a buy to let mortgage is assessed mainly on the rent the property could earn.
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 Great Dunmow
Rental homes in the town include terraced houses, flats and newer homes on its estates, as well as period cottages. Lenders usually test that the expected rent exceeds the mortgage interest by a set margin, so the rent, the size of the loan and the interest rate all affect how much you can borrow. The deposit is normally larger than for a residential mortgage.
Older and listed homes can be harder to bring up to a good energy rating, and the rules on the energy efficiency of rented homes continue to change, so check the current position before you buy. Some lenders will not lend on thatched or non-standard properties, and homes on private drainage can attract extra checks. Tell us the address before you commit, and we can see which lenders may suit.
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
How much rent do lenders expect on a Great Dunmow buy to let?
Lenders normally require the expected rent to cover the mortgage interest by a set percentage, which varies by lender and by whether you buy personally or in a company. We can explain the test for your case.
Can I let a period or thatched property in the Great Dunmow area?
Some lenders will consider them, with conditions, and some will not. The energy rating and the insurance can also be a challenge, so tell us the address before you commit.
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.
Buy to Let in other areas
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