Buy to Let Mortgages in York – Popular Situations
Through our background as a Mortgage Broker in York, we have provided the information and support they need to secure mortgages for the properties they are investing in.
Our team of Mortgage Advisors in York are more than happy to start your buy to let journey if it be a HMO, holiday let or a residential buy to let. We are more than happy to look into your circumstances to find you the most appropriate deal.
Below are some buy to let mortgage scenarios we have come across before:
As a Mortgage Broker in York, we find that the most reoccurring buy to let options we deal with is a standard residential buy to let. This type of mortgage is gives you the chance to take out a mortgage on a residential property purchase that you are wanting to rent out instead of living in.
It’s common for buy to let borrowers to take out their mortgage as interest only. This is because it will help to keep their monthly payments low as they are only paying interest each month. Usually, you will have rental fees that will pay the monthly amount. At the end of the terms, the capital will need to be paid off in full.
House of Multiple Occupancy (HMOs)
In the case where there are multiple tenants in a residential property and have common areas that are shared is called a House of Multiple Occupancy, also known as HMOs. Student housing is an example of this.
You might need to obtain a license from your local council depending on how big your HMO is. In order to be aware of the legalities, we recommend getting in contact to the local authority.
You may find that not all lenders out there offer products fit for HMOs because it is classed as a specialist buy to let investment. The good news is that we have access to some lenders who can offer mortgages that are fit for customers wanting to purchase a HMO.
Usually, HMOs bring in a lot of return on investment compared to a regular buy to let investment, however, you have to regard maintenance costs on the property as well as license fees from the local authority.
Buy to Let through a Limited Company
Over time, we have seen an increase in landlords going through a limited company SPV (Special Purpose Vehicle) when looking at option to purchase their investment properties. Particularly, when it comes to buy to let landlords with extensive property portfolios.
When it comes to taking out a mortgage in the name of Ltd. Company you will pay a higher interest rate. Another drawback is that you won’t have a lot of options in regards to the number of lenders that offer mortgages for these.
On the other hand, this can be massively outweighed by the potential tax savings. To see if this is the right path for you, we would advise getting in contact with an experienced tax advisor.
Holiday Lets York
If you are looking to purchase a property that you want to let out on a short-term basis over time, Holiday Lets might be the best option for you.
Due to holiday lets being known as a specialist type of investment, not all lenders will not cover this in their criteria which means they may not products for you to choose from.
Despite this, we have a dedicated team of mortgage advisors in York that have a lot of knowledge in lending criteria in terms of a holiday let and can help explore your options.
The scenarios we have mentioned above are ones we have encountered on a regular basis when providing Mortgage Advice in York.
Therefore, please still contact us even if your situation doesn’t apply to the ones above. Our experience has provided us with the opportunity to deal with a range of situations so you may find that your situation is probably one we have dealt with before.
Buy to Let Mortgages York
As your Buy to Let Mortgage Advisors in York, we are here to provide you with the support and knowledge you need to get through your entire mortgage process we are here seven days a week till late. Buy to Let mortgages are not always easy which is we work hard in overcoming any obstacles that you may face.
Our team at Yorkmoneyman.com are experts in the buy to let market and have extensive knowledge of what is happening in the buy to let market. Through our years providing Buy to Let Mortgage Advice in York, we have had experience in dealing with buy to let landlords as well as building relationships with those who on a regular basis need to arrange a mortgage or remortgage.
We have a strong awareness in the latest buy to let legislation and lending criteria in order to provide any information to clients that is up to date so the customer is constantly updated with current and accurate Mortgage Advice in York.
From your initial call all way through to the completion of the mortgage process, our team will be by your side every step of the way. When it comes to the mortgage process, we always provide a service that makes the process clear and simple throughout your experience with our mortgage advice team.
Look at our amazing customers reviews talking about their experience with us and see why so many people go to us when it comes to looking for a buy to let mortgage.