Ocean Finance & Mortgages have partnered with First Choice Finance to offer mortgages & remortgages on your second property. These mortgages are generally known as Buy to Let mortgages. They are often used for holiday homes or investment properties where the property is rented or 'let' in return for a monthly payment, which is then usually used towards the mortgage payments.

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Advances range from just over £25,000 to approximately £1 million. You can normally raise up to 80% of the value of the property on a Buy to Let Mortgage, subject to being able to meet the repayments.

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You can use any additional money raised for any legal purpose. Many landlords simply wish to raise additional money to refurbish the property or for use as a deposit towards further properties. You may use the funds for personal uses such as debt consolidation, a new car or even school fees.

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All lenders will need to be satisfied that you can afford the monthly repayments. However this will of course vary upon your individual circumstances, so we would suggest you simply call us on the free-phone number and discuss your circumstances with a mortgage underwriter in more detail.

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First Choice Finance can give you access to an extensive range of products available including Fixed rates, Variable rates, Tracker rates and Discount rates. These can be made available on either a Repayment or Interest Only basis to suit your requirements. Please bear in mind First Choice Finance do not charge for providing you with a quotation.

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Don't worry. First Choice Finance can give you access to a large range of buy to let mortgages & remortgages to help in a variety of different circumstance even if you have a bad credit rating, mortgage arrears, CCJ's or existing debts. Any offer made is under absolutely no obligation so it is always worth getting a quote from us.

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First Choice Finance will apply a Broker Fee of up to 3% (maximum) which is payable for their services, but only upon completion of the mortgage.

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It usually takes between 4 & 6 weeks to arrange your buy to let mortgage, from receipt of your application.

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Generally most lenders will simply require that property is suitable for a mortgage to be secured against and that you can afford the repayments. Most lenders prefer an Assured Shorthold Tenancy Agreement to be in place and that the property has adequate buildings insurance.

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Insurance Cover is now available for rental protection and legal expenses, in the event of a defaulting tenant. Landlord Buildings Insurance and Tenant Contents Cover is also available.

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Although this can vary between different providers, they all usually have some kind of limit regarding the number of properties within your portfolio. Fortunately, First Choice Finance are able to consider all applications regardless of your portfolio size.

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Buy to Let mortgages are only regulated by the FSA where the tenant is a family member. Therefore most Buy to Let mortgages are not regulated by the FSA.

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Although this can be an issue with some providers, First Choice Finance have a very wide range of products available and are often able to arrange Buy to Let mortgages on properties with either DSS or Student tenants.

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