Buy to Let Mortgages and Remortgages
Buy to Let Mortgages are used to finance residential investment properties by individuals, partners and limited companies. They can be used for the purchase of a new property or the refinance of an existing property. Smartlandlord can help you get free, independent advice on available buy to let mortgage deals.
| Product Name |
Price (excl. tax) |
| Buy to Let Mortgages and Remortgages |
On Application |
Why choose Smartlandlord®?
- Get free, independent advice
- Speak to a specialist adviser
- Providing you with a range of mortgage options
- Fast and efficient service
Key Features:
- Available for individuals or on a limited company basis
- First Time Buyers acceptable
- No minimum or maximum age
- Can do mortgages and remortgages for expatriates
- No minimum income
- Mix of rental and earned income can apply
- Portfolios mortgages can be arranged
|
|
Q. How is a Buy to Let Mortgage loan arranged?
A. A Buy to Let Mortgage is very similar to a privately owned and occupied loan.
Q. What is a Buy to Let Remortgage?
A. Remortgaging means that you pay off existing mortgages by taking out a new secured property loan at a lower rate.
Q. When would I need to remortgage?
A. Buy to Let Remortgages can provide landlords with the necessary capital to expand their portfolio or make improvements to their existing properties.
Q. Does my credit rating influence my buy to let mortgage loan application?
A. Yes. A poor credit history could affect your eligibility.
Q. What's the tax status of rental income?
A. There is no direct tax relief on buy to let mortgages, but you can offset interest payments on your mortgage against tax on rental income, along with other expenses such as agents' fees and maintenance costs. For any advice on tax please see Smartlandlord® Tax.
Q. Will I need a landlord's licence?
A. A licence is required for specific properties - HMO (houses in multiple occupation). This can apply to three or more storeys and five or more people in two or more households. Some council's may choose to licence landlords with smaller HMOs. Please contact your local council for more details.
Q. What are the main differences between personal mortgages and Buy to Let Mortgages?
A. The main difference is that the lender can take account of prospective rental earnings, as well any salary earned.
Q. What are your mortgage rates?
A. The rate depends on various factors such as the rental yield, type of tenant, deposit, interest only or repayment mortgage, term of the mortgage, your personal financial situation and other sources of income. Smartlandlord® has a comprehensive range of products to suit the needs of most investors.
Q. What deposit is required?
A. The deposit rates vary from lender to lender and type of mortgage. Currently landlords can get competitive rates only if they have a deposit in the region of 25% of the property value.
Dos and Don'ts
Do:
- Decide what kind of tenant you want for your property
- Find an area you like and carry out extensive research
- Think about access to services: transport, shops, hospitality etc
- Consider about how much rent you are likely to receive
- Reflect on investment property vs. new build
Don't:
- Allow personal tastes to influence your buying decisions
- Buy anything that needs extensive maintenance
- Begin a tenancy without carrying out a complete inventory
