Buy-To-Let Mortgages
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So you are looking for a mortgage to buy-to-let or let-to-buy your a property?
A buy-to-let mortgage is designed to help you buy a property that you want to rent out rather than live in.
There are many reasons you may need a buy-to-let mortgage. On this page we outline the different types of buy-to-let mortgage available.
What is a consumer buy-to-let mortgage?
A consumer buy-to-let mortgage is usually taken out on the first property you own that is on a buy-to-let basis.
The chances are you lived in the property to start with and now that circumstances have changed you want to let it out. A consumer buy-to-let mortgage will usually be treated in a similar way to a residential mortgage. The mortgage will not be based solely upon the rent you receive and therefore will need to pass stricter affordability tests.
What is a business buy-to-let mortgage?
Instead of personally owning any buy-to-let properties, you own properties through a limited company instead.
A business buy-to-let mortgage is similar to a consumer buy-to-let but it differs in the fact that it is usually used to buy a property that is purchased as an investment rather than to live in yourself.
What is a portfolio landlord?
A portfolio landlord is someone who has four or more mortgaged buy-to-let properties.
They are treated in a similar way to a landlord with less than 4 properties, but the main difference is that the different lenders tend to look at their portfolio as a whole.
This doesn’t mean that all the properties will need to be with one lender however they will want to see the mortgages and the rent on all the properties before they will decide if you will qualify for a mortgage.
What is a limited company buy-to-let?
This is a buy-to-let mortgage for a property that is owned by a limited company.
In recent years there has been a trend of professional landlords buying properties through a limited company that they have set up to hold the property portfolio. Usually the main reason is for tax purposes and it is important you gain advice from an accountant who has experience dealing with limited companies that hold properties.
What is a let-to-buy mortgage?
A let-to-buy mortgage is basically the same as a buy-to-let mortgage but applies to slightly different circumstances.
When you are living in a property and decide to move but you want to keep it as an investment, you can arrange a let-to-buy mortgage on your existing property which allows you to let it out to tenants before you buy yourself a new home.
Can I have an interest only mortgage buy-to-let?
Yes, you can have an interest only mortgage on your buy-to-let property.
You will find that the majority of landlords choose to have interest only mortgages on their buy-to-let properties. The reason for this is that it keeps the monthly mortgage payment down and therefore gives them a higher income. Many landlords are trying to build up a deposit for further buy-to-let properties and will save this extra cash flow for this reason.
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Buy-To-Lets Mortgages & Happy Landlords
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