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Buy to Let

Property prices in Great Britain have risen significantly in recent years. This has lead to an increase in the number of people purchasing buy to let property. In response to this trend, many lenders now offer extremely competitive buy-to-let products.

Buy to let mortgages are predominantly based on the rental income that may be achieved from renting out the property. In addition to rental income, there are a number of different factors that can influence a lenders decision to lend. These include, but are not limited to:

• The type of property being purchased - Ex local authority, studio flats and high rise flats are just some examples of property that lenders may find unacceptable
• The type of proposed tenant - Some lenders won't accept students, some won't accept DSS
• The type of tenancy agreement - Most lenders will insist on a minimum six months assured short hold tenancy
• Whether there are any licensing requirements - Certain properties are subject to mandatory HMO* licensing
• The borrowers personal financial circumstances - Lenders may require a minimum level of income
• Employment status - It may be possible to purchase a buy to let as a 'house person'**
• Age - Some lenders have minimum and maximum borrower ages
• Mortgage history - It may not be possible to borrow from some lenders if you do not have a current residential mortgage

Above are just some of the factors to consider when placing a buy to let mortgage. In addition to this, there are numerous methods lenders employ when assessing rental income. It may be that your expected rental income will exceed the proposed mortgage amount. However, dependant upon the rental calculation method used by the lender, the mortgage may be deemed unaffordable.

At Castle Mortgage Advisers we are highly skilled in arranging buy to let mortgages. Whether you are a seasoned buy-to-let investor, looking at a new purchase or to raise capital from your portfolio or are a complete novice, we are able to help.

* House in Multiple Occupation

** Some lenders can offer a mortgage to an individual who is not employed or self employed, i.e. retired, housewife, etc. There can be tax advantages to this, e.g. Mr Bloggs is a higher rate tax payer, Mrs Bloggs does not work. If the property is purchased by Mrs Bloggs she can utilise her nil rate band against the rental income or profit from equity.

Buy to Let Products are not regulated by the Financial Services Authority

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Registered Office Address: 30/32 Gildredge Road, Eastbourne, East Sussex, BN21 4SH,
Tel: 0844 4142235, Email: enquiries@castlemortgageadvisers.co.uk
Registered in England. No. 6191652, Directors: Rebecca Blott, Mike McDaid

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