Exploring Buy-to-Let Mortgages
A buy-to-let mortgage is a specialized loan designed for individuals interested in acquiring a property with the intention of renting it out to tenants, rather than using it as their primary residence.
This financing option enables you to invest in property for the purpose of generating rental income while potentially capitalizing on property value appreciation over time.
It’s worth noting that you can purchase a buy-to-let property through a limited company, which, in some instances, offers distinct advantages in terms of taxation and liability. This approach is commonly known as “buying to let through a limited company” or “buy-to-let limited company mortgages.”
Why Choose Look After My Mortgage
When it comes to selecting a mortgage broker, reputation is paramount. You want to partner with a professional who boasts a proven track record of success and has established a strong standing within the community. Our team brings years of experience and an in-depth knowledge of the buy-to-let mortgage industry to the table. We are dedicated to delivering the highest level of service and expertise to our clients.
Your property may be repossessed if you do not keep up repayments on your mortgage. Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority.
Buy to Let – purchase & remortgage
In the world of property investment, one financing option that often comes into play is the “buy-to-let mortgage.” If you’re considering dipping your toes into the world of property investment or expanding your existing real property portfolio, understanding what a buy-to-let mortgage is and how it works is crucial.
A buy to let mortgage is a specialized type of mortgage loan designed specifically for individuals who want to purchase residential properties with the primary intention of renting them out to tenants. Unlike traditional mortgages, which are used to finance the purchase of a primary residence, buy-to-let mortgages cater to the needs of property investors and landlords.
A buy to let mortgage can be complex with many hurdles to jump through, which is why the advisors at Look After My Mortgage have established relationships with buy to let mortgage lenders and our experience will help find you the most suitable buy to let mortgage product.
Buy to let – House in Multiple Occupation (HMO)
A House in Multiple Occupation (HMO) is a type of rental property where three or more unrelated individuals (or households) live together and share common facilities such as a kitchen, bathroom, or toilet. HMOs are typically associated with properties that are divided into multiple separate bedrooms and rented out individually to tenants. HMOs can take various forms, including houses, flats, and buildings with multiple units.
Portfolio landlord – purchase & remortgage
A portfolio landlord is an individual (or entity) that owns multiple residential properties, typically five or more, that are financed by mortgages. These landlords manage a diverse range of properties, which could include houses, apartments, or other residential real estate, often with the intention of generating rental income.
Portfolio landlords often require a higher level of financial acumen and time commitment & many ‘high street’ buy to let lenders will not finance portfolio landlords. When buying or remortgaging it’s crucial your advisor understands your portfolio and the marketplace for mortgages. At Look After My Mortgage, we understand all aspects of buy to lets.
Let to Buy – remortgage
Why sell and buy your next property when you can keep your current property as an investment.
Let to Buy mortgages offer a valuable financial strategy for homeowners looking to capitalize on property opportunities while maintaining ownership of their current residence. However, this strategy is not without its complexities and considerations. It’s crucial to carefully assess your financial situation, the rental potential of your property, and your ability to manage two properties before embarking on a Let to Buy journey. If done wisely, it can be a lucrative and flexible way to navigate the property market and achieve your homeownership goals.
At Look After My Mortgage, we are experts in all types of buy to let mortgages.
Buy to let Remortgage – top slicing
The saviour for buy to let affordability. If your rental income alone is not enough to meet the lender’s affordability requirements, we might be able to use a trick call top slicing.
Top slicing is a financial practice often associated with buy-to-let mortgages, primarily in the United Kingdom. It’s used by landlords or property investors to demonstrate that they have sufficient income to cover the mortgage payments on their rental property, even if the rental income alone is not enough to meet the lender’s affordability requirements.
Affordability Calculation: The lender calculates whether the combined income (rental income + personal income) is sufficient to cover the mortgage payments. They typically apply a stress test to ensure that the borrower can still afford the mortgage if interest rates rise.
Reviews
Anesh has been the best broker I have ever had the pleasure of meeting. Anesh is timely, efficient, polite and respectful, a professional indeed! I will be coming back to Anesh to resolve all my property related purchases and hopefully this will be a long term business relationship! Couldn’t recommend Anesh enough!
I had 3 days before my mortgage rolled onto the variable standard rates. I called Anesh to help me out. Anesh made time for me out of working hours and helped me secure my mortgage renewal by going through the application and secured a good rate for me. I couldn’t vouch enough for Anesh. A good family man who cares about his client base as well and everything is very honest and upfront.
As things do in life I found Anesh through word of mouth from other happy clients who also happen to know me , Anesh made me feel safe and confident in the whole process right off the back , he took time to explain the process and ease my concerns , he took all the hassle out of the paper work to the point of it being stress free , even after the offer of Morgage he has remained invested in the process and is often at the end of the phone when I need advise or guidance in other steps of the process, Anesh thank you for the amazing work you do
I honestly cannot recommend Anesh enough, he works endlessly around the clock to make sure your every need is met. So quick and good at what he does. Never pushey, always gives you plenty of options and as much information as possible. Not only for your mortgage but for all your financial needs. So positive and has a smile on his face every time. I’m pleased he isn’t just a one off service, he’s an ongoing helper and builds a great relationship!
Anesh has been a great mortgage advisor to us! Nothing seemed too much trouble at all for him. He gave his honest opinion on things and have helped me and my partner become first time buyers. Muchly appreciated all his help. Great communication and service.
FAQs
What is a buy to let?
A buy to let mortgage is a specialized type of mortgage loan designed specifically for individuals who want to purchase residential properties with the primary intention of renting them out to tenants. Unlike traditional mortgages, which are used to finance the purchase of a primary residence, buy-to-let mortgages cater to the needs of property investors and landlords.
I am wanting a new house. Can I keep my old property and rent it?
You can, this would be a “let-to-buy”. A let to buy is a type of property transaction in which a homeowner decides to rent out their existing residential property while simultaneously purchasing a new one. This is different from a “buy-to-let” strategy, where an investor purchases a property specifically for the purpose of renting it out. We might even be able to take money out of the property you are wanting to let to buy to put towards your new home.
Are buy to let, limited company buy to lets and let to buys hard to obtain?
Yes, you need to meet a specific criterion to be eligible for a buy to let mortgage, let to buy mortgage or a limited company buy to let.
Ideally you want an experienced mortgage broker to help find the best solution.
Why work with Look After My Mortgage?
At Look After Your Mortgage, our mission is to provide our clients with the best mortgage experience possible. As a local mortgage broker and advisor in Lincoln, we understand that choosing the right mortgage can be a daunting and overwhelming process. That’s why we take the time to get to know our clients and offer personalised, tailored services to help them find the mortgage solution that fits their needs.
When it comes to finding a mortgage broker, reputation is key. You want to work with someone who has a proven track record of success and who has built a solid reputation in the community. Our team has years of experience and a deep understanding of the mortgage industry, and we’re committed to providing our clients with the highest level of service and expertise.
