Buy To Let
LOOKING TO PURCHASE AN INVESTMENT PROPERTY, OR REMORTGAGE A BTL?
The Buy to Let mortgage market in the UK has seen some significant changes recently.
It’s really important to get professional advice, from both a whole of market mortgage broker and an accountant, to make sure you are getting the right product for your circumstances.
Buy to Let lenders have changed their affordability rules to take into account the tax changes, which are being phased in over 4 years from April 2017, and the stress tests to determine how much they are willing to borrow based on rental income has changed. Some lenders use varying tiers, depending on the applicant’s tax band and the length of the product term – so placing your Buy to Let mortgage with the best lender to suit your circumstances is vital.
Some Buy to Let lenders have also introduced transitional rules, meaning that if you are remortgaging your Buy to Let property and are not looking to raise any additional capital, so a “like for like” remortgage, you may not be affected by the new, higher stress tests imposed on new purchases, which has resulted in a reduced borrowing capacity in some cases.
Using a mortgage broker will benefit you, as they will know the different affordability rules used by different lenders. We can help you navigate the changing market, and once we know and understand you and your business, will be able to offer expert advice on which is the best mortgage product, and lender, for you.
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YOUR HOME 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.
You may have to pay an early repayment charge to your existing lender if you remortgage.
There may be a fee for arranging your mortgage, however the precise amount will depend on your circumstances. Typically the fee is £395.