At Mortgage Information Bureau we’ve helped many clients build property portfolios through Buy to Let mortgage schemes. Our comprehensive team of FCA approved advisers will take you through the basics , advising on important considerations.
So what exactly is a Buy to Let Mortgage? In a nutshell, a Buy to Let is where you purchase a property with the intention of renting it to provide extra income.
Delving into the world of buy to let on your own can be daunting, especially on determining the most tax efficient way to fund your purchase. That’s why when you speak to our specialist advisers we will discuss and understand your long term goal for investment.
We are not authorised tax advisers but we will liaise with your accountant – It’s worth noting that proper advice from an accountant will help to understand your best course of action.
There’s lots of other information to digest as all lenders adopt different requirements, and this is before you have even decided on which area or property is right for you. Typically you are required to cover at least 20% deposit.
You will also have various fees for conveyancing, survey costs, arrangement fees and most prevalent; Land and Building Transaction Tax (LBTT), also known as the Additional Dwelling Supplement (ADS). You can use our handy Buy to Let calculator to see if you are liable for ADS.
Just like with residential mortgages we have access to thousands of buy to let mortgage deals. Many of these deals are exclusive to mortgage brokers and you will not see them in the high street. Choosing us to handle this for you will not only make the purchase simpler but will also ensure that you’re getting the best deal.
Then there’s choosing the right property.
We will guide and assist will our market intelligence, there are however other considerations.
- Is the area profitable?
- Is the property structure sound? How close are local amenities?
- Does the valuation meet the minimum requirements? What’s the demographic for this area?
We can put you in touch with local estate agents and letting agents who will provide further insight.
Although a buy to let mortgage may sound intricate, our knowledgeable team will guide you in every aspect to obtaining the perfect solution.