From first time landlords who haven’t purchased a residential property to rent out before, to first time buyers who have never owned any kind of property before, at Mortgaze we are ideally positioned to secure the finance for your first buy to let investment.
The buy-to-let market is one that has been traditionally dominated by a small number of companies that own vast portfolios of properties. This trend has changed significantly in recent years with more and more first time buy-to-let mortgages being approved for private individuals who are looking to enter into the market.
First time buy-to-let mortgages are slightly more complicated to secure than those from applicants who can already demonstrate a strong background of buying and developing properties to let, but if the right criteria are met there is no reason why we will not be able to help you achieve your first buy-to-let mortgage.
If you are already a home-owner and are now looking to make the move into the buy-to-let market, we will conduct a thorough review of your needs to ensure that we are able to secure you the best possible terms on your first time buy-to-let mortgage.
If you have never owned a property before but would like to jump straight into the buy-to-let market, the Mortgaze team is here to turn your property ladder dreams into reality. Whilst slightly more challenging than applicants with previous property owning history, we specialise in providing first time buyers with the right preparation and knowledge of the application process to ensure that you too can successfully secure funding for your first buy to let investments.
As a first time buyer, our team will also take the time out to walk you through the post-funding process to ensure that you are fully prepared for the challenges that come along with being a first-time landlord. Being a landlord is an exciting venture to enter into but it is also one that involves a lot of hard work. We will work closely with you to make sure that your first experience is a positive one and that these will just be your first steps on a long and successful journey into to the buy-to-let world.
The scenarios highlighted above are those that we most regularly receive requests in assistance with. It is simply for you to get a better understanding of the areas we commonly deal with. Contact us to for a more personalised search of the market based on your individual circumstances.
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We are happy to answer your queries on the phone or in person but here are answers to some of the most frequently asked questions we receive regarding buy to let mortgages for limited companies.
From April 1 2016, anyone purchasing an additional property must pay an extra 3 per cent stamp duty. Click here to calculate how much stamp you will pay to purchase a buy to let property. Please note that new rates are applicable to both Individual and companies buying a buy to let property or second home. There is no exemption if you purchase a buy to let in a limited company.
From April 2017, if you are subject to income tax, you will have a restriction applied to the relief you receive on the finance cost of running your rental business. This will apply to interest paid on any debt, as well as the cost of running your rental business. The restriction will be phased in from 6 April 2017 and fully implemented from 6 April 2020.
One option is to incorporate your property business as the income tax provisions restricting the deduction of interest cost related to residential property will not apply to companies. If you are considering purchasing your next buy to let property through a limited company or looking to refinance a limited company buy to let mortgage, we have access to wide range of lenders and products offering limited company buy to let mortgages. Please click here to gaze more.
If you are considering investing in Buy-to-Let properties through a Limited Company, it is important that you understand the advantages, disadvantages and responsibilities associated with company ownership before making a decision. At Mortgaze we always suggest that you take full financial and legal advice before proceeding.
The Bank of England’s PRA (Prudential regulatory authority) has set out new guidelines on rental stress test for buy to let mortgage. A rental stress is method which is applied by lenders to calculate your maximum loan amount based on the rental income from property. The broad guidelines are:
We have buy to let mortgage product to borrow up to 85%. So you can secure a buy to let mortgage property with a minimum 15% deposit.
To calculate this amount, a lot depend on the rental income from the property. Use our buy to let mortgage calculator to get an indicative figure.
To find out how much your buy to let mortgage and bridging loan will cost, use our latest best buy table. You can also use our buy to let calculator to find out how much you can borrow based on the rental income from a buy to let property. Contact us to for a more personalised search of the market based on your individual circumstances.
From how much you can borrow to how much it will cost ? Try our calculators to help you answer those initial queries.
These calculators are for illustrative purposes only and is not a mortgage offer. This is a guide to how much you'd pay each month. The exact amount will depend on the type of mortgage, lender and your individual circumstances.
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