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What is a buy-to-let mortgage?
A buy-to-let mortgage is a mortgage which is specifically for people who would like to buy a property as an investment, not a place that they are planning to live. If you buy a property for letting plan to live in it then lenders would class this as mortgage fraud which is a criminal offence.
Who are buy to let mortgages for?
Buy to let mortgages are made for seasoned investors and for first time landlords who are looking to take their first step into the rental property market. Buy to let mortgages are more expensive than typical mortgages, and normally require deposits of at least 20% – 25%.
How does a buy-to-let mortgage work?
Most borrowers take out an interest-only mortgage for their chosen property. This means that they only pay the interest on the loan as it accrues every month (meaning lower monthly outgoings), which generally comes from the proceeds of the rent they collect. The capital debt – the full amount of the mortgage – is paid at the end of an agreed term through a repayment vehicle which generally tends to be sale of property.
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How much can I borrow?
The normal way that calculations work from a lenders perspective on determining how much they will lend is based on the rental income for the property. Initially we will take what the client says this is but when the mortgage valuer visits the property they will not just check the value of the property but also the value of the achievable rental income is in that area for the property that it is. As whole of market mortgage broker we also have access to a minor amount of lenders that would also look at an applicants income and commitments situation which in some circumstances means the lender will lend a great deal more than if they were just taking the rental income into account.
Tax Implications
There were once generous tax allowances for buy to let mortgages but they are now a thing of the past. Although borrowers are still entitled to a 20% credit on their interest payments. Other people decide to set up a limited company for this sole purpose. This options comes with higher interest rates but their may be some tax benefits. We are not tax advisers so we ask clients to seek specialist advice on this. Some accountants are also tax advisors.
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