Buy To Let Mortgages
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Buy to let Mortgages
A Buy to Let mortgage is a mortgage for anyone that wants to invest in property in the UK. We look after multiple landlords who rent out their properties to tenants.
Investment properties which are let out provide rental income and also capital appreciation. By mortgaging investment properties, you are able to increase the return on investment or return on capital employed. The investment can also serve you later on in life as a haven for retirement.
Buy to let Advantages
If you are looking to purchase a home to make a profit then you will need a buy to let mortgage.This investment will require you to usually put down a 25% deposit depending on the rental income to acquire this property. It is many peoples dream to invest in a property and create another income source and asset.
Buy to let Disadvantages
Although in recent years it has become more difficult when it comes to buy to let properties as things are more complex than before. There have been new tax rules implemented, difficulties as a first time buyer and complications with mortgage fees.
Can I change my buy to let to residential?
You certainly can change your buy to let to a residential. You must remember that you cannot live in your buy to let investment property unless you have the lenders permission. If you are thinking about changing your buy to let mortgage to a residential then please speak to your mortgage broker first.
When changing your buy to let mortgage to a residential you must consider if you will be able to afford the monthly mortgage payments as you will be living in the property and not receiving rent any longer from the said property. Lenders will assess your affordability before granting you your new residential mortgage.
Speak To Hemal
I have successfully assisted hundreds of people get their dream mortgage. With many years of experience as a Mortgage Broker. I have come across all types of clients who have trusted me to guide them through what can feel like a daunting process. I provide and lead my clients through this entire process with a precise, attention to every detail, in an effort to make sure their mortgage plans are being met with clarity and proficiency.
Can I change my mortgage to buy to let?
You most certainly can! A few examples of when you can,
- You are going to rent your property out and purchase another property to live in and you intend to do this simultaneously.
- You have moved out of your residential home and are now renting. you have let your residential property out.
Its aways good to speak to a mortgage broker who will be able to better assess your circumstances and recommend the best solution for your needs.
Can I swap my mortgage to a buy to let?
You can swap your mortgage to a buy to let mortgage.
A few examples of when you can,
- You are going to rent your property out and purchase another property to live in and you intend to do this simultaneously.
- You have moved out of your residential home and are now renting. you have let your residential property out.
Its aways good to speak to a mortgage broker who will be able to better assess your circumstances and recommend the best solution for your needs.
Can you get a buy to let mortgage at 60?
Most of the high street lenders will lend up to age 75 however there are a large number of lenders also lending to ages over 100 years old.
Buy to let lending has become more complex over the years so its wise to speak to a specialist advisor who understands this market well.
Why are buy to let mortgages interest only?
How many buy to let mortgages can I have in the UK?
Most of the high street lenders will allow you to have a maximum of 10 mortgaged buy to let properties, however some specialist lenders will let you have an unlimited number of mortgaged buy to let properties.
You are considered a buy to let portfolio landlord when you have more than 4 or more buy to lets. If you are a considered a portfolio landlord then your portfolio will be stress test by the lender when applying for a mortgage. All lenders stress test the background buy to let portfolio in different ways. It’s important you speak to a mortgage broker who has extensive knowledge in dealing with buy to let mortgages.
Is there an age limit for buy to let mortgages?
The minimum age limit to apply for a buy to let mortgage is 18 however more lenders become available at 21.
The maximum age on a buy to let mortgage application tends to be 80 years old.
Can you get a buy to let mortgage without a job?
There are buy to let lenders who do not require any income from you. However lenders will want to see you can afford the mortgage in the event you have rental voids. Lenders will assess your assets and liabilities to make sure you will be able to service the loan.
Most high street buy to let lenders will want to see that you have a minimum income of £25,000 per year.
Can a company get a buy to let mortgage?
Absolutely! A company can get a buy to let mortgage. It’s actually becoming popular to purchase investment properties through a limited company due to tax savings (please speak with your accountant to see what is best for your circumstances).
Traditionally limited company buy to let mortgages have been priced higher than buy to let mortgages in a personal name however in recent times its fair to argue that they are on par.
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