The recent changes to Buy to Let has made it less lucrative for many people. But, as part of a wider financial plan, it can be a useful way of providing an income in retirement, or diversification away from other types of investment.
Our knowledge of the Buy to Let market, and the fact we provide independent mortgage advice, make us ideally placed to advise Buy to Let investors the length and breadth of the country. That’s what we do, we advise, on the right mortgage for your purchase. We’ll also happily tell you whether the property actually makes sense as an investment in the first place.
Did you know that rental income is used to assess how much you can borrow? Some, but not all lenders will require you to have a minimum salary and a minimum of 25% deposit. We will be able to help you with finding the right mortgage for your personal circumstances.
We can help you to build your investment Buy-to-Let portfolio. We will talk to you to understand your long-term goal and advise on the best way to achieve this. If you are looking to let your existing property to then purchase another home (Let-to-Buy) we can help with this. Whether you are an experienced or a first-time landlord, why not phone and talk to one of our professional team for advice today?
The money you earn from renting out the property is liable for income tax. Depending on what threshold this added income takes you up to.
However, bear in mind you can offset some of the income tax with expenses that fall into certain criteria.
Be careful not to assume that the property will always be occupied with a tenant, because if it’s not, it’s important you have a financial cushion that will enable you to continue to the make the mortgage payments.
Also, as with most properties, things can go wrong. Be prepared for the boiler to break or a damaged roof etc… It will be your responsibility to you to cover the cost of these.
This scheme allows you to buy a New Build property with an equity loan from the government under the Help to Buy – Equity Loan.
The equity loan is a maximum of 20% of the property value (to a max property value of £600,000 with a minimum deposit of 5%. We will guide you through the process and tell yu if you qualify and how much you can afford to purchase for using this scheme. We’ll then recommend the most suitable lender and mortgage product for you.
If you’re buying a property that falls below the Stamp Duty threshold, you won’t have to pay any Stamp Duty. If you’re a first time buyer, along with anyone else you’re buying with, you won’t have to pay any Stamp Duty on properties under £300,000.
