Buy to Let Mortgage Advice in Newcastle
Our experienced mortgage team have helped many landlords in Newcastle secure mortgages for their investment properties. Whether this is a regular residential buy to let, holiday let, or house of multiple occupancy. Our mortgage advisors in Newcastle will be more than happy to run through your options. Below are some popular investment scenarios that we have come across:
Residential Buy to Let Newcastle
The most common buy to let option that we come across is a residential buy to let. This is where you are taking out a mortgage to purchase a residential property with the intention to let it out rather than living in it.
Most buy to let borrowers will take out an interest-only mortgage, this keeps the monthly payments lower as you are only paying the interest on the loan as it accrues each month. Your monthly mortgage payment is usually paid from the proceeds of the rental income. The capital owed (the full amount of the mortgage) will need to be paid at the end of the agreement.
House of Multiple Occupancy (HMOs)
A house in multiple occupancy is a term that refers to a residential property where the common areas of said property are shared by more than one household. Depending on the size of your HMO, you may be required to get a license from your local authority. We would always recommend that you speak to your local authority just to confirm their rules and requirements.
As HMOs are classed as a specialist buy to let investment, and although not all lenders will have products that fit with this criteria, we do work with many that do.
HMOs as an investment usually bring in higher yields than that of a regular buy to let investment. However, there are other costs to consider, such as license fees from the local authority and more frequent maintenance/upkeep.
Buy to Let through a Limited Company
We are seeing more landlords exploring the route of purchasing their investment properties through a limited company SPV (Special Purpose Vehicle). Especially landlords with an extensive portfolio of properties.
Generally, you will pay a higher interest rate when taking out a mortgage in a limited company and will have fewer options when it comes to the number of lenders that offer this product. However, this can be highly outweighed by the potential tax savings. We would always recommend speaking to a tax advisor to determine if this is the right path for you.
Holiday Let’s Newcastle
Holiday let mortgages are designed for people looking to purchase a property that will be let out on a short-term basis. A holiday let is classed as a specialist type of investment, so not all lenders will cover this in their criteria. However, our mortgage advisors in Newcastle have a wealth of knowledge in buy to let lending criteria and will be able to look at your holiday let options.
Above we have covered the most popular buy to let investment scenarios that we come across in Newcastle. If you do not fall into any of these categories then please don’t hesitate to contact us. With our experience, there is rarely a situation that we haven’t come across before. Our team will be more than happy to assist you.
Buy to Let Mortgages Newcastle
As your Buy to Let Mortgage Broker in Newcastle, we will help and support you through the full process and be here seven days a week, anytime you need us. We know that Buy to Let mortgages are not always straightforward and easy, we will help you over any hurdles that you face.
The team at Newcastlemoneyman.com know the buy to let mortgage market inside out. When it comes to being experienced in the provision of advice regarding buy to let mortgages, we regularly work with landlords to find the best mortgage to suit their situation.
We will always keep up to date with the latest buy to let legislation and lending criteria, ensuring we are offering our clients up to date open and honest mortgage advice.
At the same time, we will be by your side from beginning to end of your buy to let mortgage transaction. It is our mission to make the process as easy and straightforward as possible, from the time that you get in touch with us through to the day of completion.
Check out our feedback at Reviews.co.uk and see why so many people choose us when looking for a buy to let mortgage.
As your mortgage advisor in Newcastle, we are here to help you. Get in touch with us today and make a date for your free mortgage consultation.