As well as residential mortgages, the Mortgage Advice Bureau team at Heywoods offers a wide range of buy-to-let mortgages whether you are new to letting or expanding your property portfolio
Mortgage Advice Bureau is one of the UK's leading, award-winning mortgage brokers and advisers are based right here at Heywoods - with our sales colleagues on hand so that we can ensure your purchase goes smoothly. Their services are available whether you are a Heywoods client or not.
Use this handy buy-to-let mortgage and yield calculator to get a good idea of how much you could borrow, how much your monthly repayments might be and what you may be able to earn on a property.
Call 01782 664995 or click here to speak to an adviser.
How are buy-to-let mortgages different to residential mortgages?
- Buy-to- let mortgages are for people wishing to invest in property.
- Getting a buy-to- let mortgage doesn’t depend on how much you earn, although you usually need to earn over £25,000 to get a buy-to- let mortgage.
- You usually need to own or have a mortgage on your own home to get a buy-to- let mortgage.
- There is usually an upper age limit of 70 to 75 for a buy-to- let mortgage. This means the mortgage must be repaid before you reach this age so you may not be able to borrow money over the age of 45.
- There is usually a minimum deposit of 25%.
- Most buy-to- let mortgages are interest-only. This means that for the term of the mortgage you repay interest only and the capital is paid at the end of the mortgage term. Fixed rate, tracker and standard variable rate mortgages are available.
- The monthly rental value of the property you want to buy is considered and should be at least 25–30% higher than the monthly mortgage repayment.
- There is no guarantee that it will be possible to arrange continuous letting of the property, nor
- that rental income will be sufficient to meet the cost of the mortgage.
- You must be able to pay the mortgage when there is no rental income on the property.
- Stamp Duty Land Tax (SDLT) for buy-to- let properties is an extra 3% on top of the current SDL rate bands for properties above £40,000.
- If you make a profit when you sell your buy-to- let properties it is subject to capital gains tax.
- If the value of your buy-to- let property has fallen when you come to sell, you will have to make up the difference on the mortgage.
Click here for more information on buy-to-let mortgages.
Heywoods also offers a conveyancing service for landlords so that the whole buying process is under one roof.
Insurance products for buy-to-let properties
We can also advise on a range of insurance products, including landlord insurance and rent insurance giving your complete peace of mind.
Click here for further details.
Not only can Heywoods help you choose a great rental property that will give you a good return, we also provide several levels of property management, taking all the hard work out of property investment. Click here for more details.
There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.
Your property may be repossessed if you do not keep up repayments on your mortgage.
There is a fee for mortgage advice, this is typically fee is 0.3% of the amount borrowed but may be up to 1%. The amount you pay will depend on your circumstances.
Heywoods is a trading name of Heywoods (1881) Limited which is an introducer appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.
Heywoods (1881) Limited Registered Office: C/O Mitten Clarke Accountants, Festival Way, Stoke On Trent, Staffordshire, ST1 5SQ. Registered in England number: 06597713
Introductions are made to Mortgage Advice Bureau, which is a trading name of TIME Mortgage Experts Limited, which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited.