The Mortgage Works Mortgages
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The Mortgage Works Mortgages FAQ
What is a Mortgage Works mortgage?
The Mortgage Works specialise in a number of mortgage products aimed at prospective landlords. Some of the products they provide include buy-to-let and let-to-buy mortgages.
What is the difference between buy-to-let and let-to-buy?
Buy-to-let mortgages allow landlords to borrow in order to purchase properties, as a means of generating rental income. Let-to-buy mortgages allow landlords to rent out their existing homes and purchase a new one to live in.
How does a let-to-buy mortgage work?
A landlord converts their existing mortgage into a buy-to-let mortgage, allowing them to rent out their original home while also taking out a residential mortgage, allowing them to find a new home to live in.
Why consider let-to-buy mortgages?
You might find market conditions make it tricky to sell your existing home, so rental becomes an easier option, but you still wish to have a home of your own as well. Additionally, you may be planning to move away for a time, but still wish to move back to your old home eventually.
What does interest-only mean?
Interest-only deals, such as those associated with buy-to-let mortgages, require the borrower to repay just interest for the duration of the mortgage term. A repayment mortgage, requires the loan to be paid back in instalments with interest on top.
What is LTV?
The Mortgage Works provide mortgages with specific loan-to-value (LTV) ratios, which calculate the proportion of a property’s value paid for through the mortgage loan. The remaining percentage of the property’s value is paid upfront as a deposit.
Do higher LTVs make mortgages cheaper?
While a high-LTV translates into a smaller mortgage, which can take less time to save up for, a sizeable loan entails greater risk for the provider. As a result, they will charge higher interest to mitigate this risk.
Can I get a fixed-rate buy-to-let deal?
Yes. The Mortgage Works offer buy-to-let deals with fixed rates. This means they can offer you a deal where interest rates remain fixed for a number of years.
How does a variable-rate mortgage work?
In comparison to a fixed-rate deal, a variable-rate mortgage means the interest rate you pay can fluctuate from time to time, determined by the rate of interest most other providers are offering over time.
Where can I compare The Mortgage Works mortgages?
Use NerdWallet’s comparison table to help find the best deal to suit your requirements.
Services offered by this provider may change over time. Always check Ts&Cs.