Mortgage advice for Landlords
Whether you have always dreamed of investing in property or become an ‘accidental landlord’ or we can help. It’s vital that you always have the right mortgage in place.
The team at Clayton-Welch Associates have access to a wide range of mortgages designed for landlords and we can arrange a solution that is tailored to you.
A 'Buy To Let' Mortgage is a mortgage specifically arranged for people who buy property as an investment, rather than as a place to live. If you plan to 'let' or rent out a new property, most lenders will need you to take out this type of product and there are some key differences to standard residential mortgages. Buy To Let (BTL) mortgages can be taken out by new landlords or seasoned investors adding to their portfolio.
- With a residential mortgage your deposit could be as little as 5% of the property value however with a BTL you will need to pay at least 15% deposit. often more
- Unlike a standard mortgage where the amount you can borrow is linked to your income, with a buy to let mortgage, the lender will instead look at how much rent you could make from the property on which the mortgage is secured
- The best thing to do is get advice from a team of mortgage experts
- A 'Let to Buy' Mortgage is applicable when you plan to rent out your existing home and then buy a new one to live in
- This means that you will take out another mortgage on the next property that you will move into and your existing mortgage is converted so that you can let your current home
- A LTB is sometimes used if you have not been able to sell your home or you are only moving temporarily and may wish to move back again
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- A 'Holiday Let' Mortgage or 'Short Let' Mortgage is designed for people who buy a property that they plan to let out on a short term basis as a business
- You may not be able to use a residential mortgage to purchase a holiday let property
- The property must be rented as a holiday let or short let and not used as a Holiday Home however some lenders will allow owners to use the property for part of the year
- Lenders use different calculations for this type of mortgage to a BTL or LTB mortgage
If you aren't sure which route is best for you, we will be happy to discuss the options with you.
You may decide to purchase a property via a Limited Company rather than as an individual.
- In this instance, a Buy To Let LTD Company Mortgage would be required
- There are a number of benefits but clients need to be aware of tax implications and therefore must speak to a specialist tax advisor before choosing to go this route with a purchase
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