mortgages
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Buy-To-Let Mortgages

Buy-To-Let Mortgages are designed for people who want to buy property for the purpose of renting out to tenants. In the current climate of reduced house prices and lowest interest rates for many years, it can be seen as an attractive way of providing a long term investment. With the correct choice of property the rental value should more than cover the cost of the mortgage, when occupied, giving you some income, and the long term value of the property should rise to provide growth on your capital investment.

Buy To Let mortgages are often available as Fixed Rate or Tracker Rate products, just as with residential mortgages.

Whether you have one property or a large portfolio we can find you the correct mortgage from our large panel of lenders.

It is important to do your research before stepping into the Buy To Let market. Things you should consider carefully include:

  1. Is the property in a good area for renting? e.g. Not far from a city with good transport for commuters, near a university for students, near schools and shops for families.
  2. Can you afford the monthly payments when you have no rental income, such as if the property is empty for a few months or your tenants are behind on their rent payments?
  3. Most lenders will require a high deposit to protect against the possibility of the property value going down, especially since the credit crunch.
  4. When deciding on the rent that you will charge you must account for possible increases in the interest rates.
  5. You will need some money put aside for maintenance and repair of the property, as this will be your responsibility, not the tenants. Alternatively you could use a letting agency to manage your property but this will add to your monthly costs with the fees that they charge.
  6. You will have to pay tax on your rental income and will also be liable for Capital Gains Tax if you later sell the property.

Some beneficial points with Buy To Let properties:

 


Pure Money does not provide advice and you should seek a personal illustration to fully understand all of the terms and conditions applicable in your individual situation. Buy to Let mortgages are not currently regulated by the Financial Services Authority unless the occupier is connected to the borrower and is occupying at least 40% of the property.

 

 

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Pure Money is a trading style of Bradgate Financial Solutions Limited and is authorised and regulated by the Financial Conduct Authority under FCA number 672856. Trading Address: UN14 Armstrong House, First Avenue, Doncaster, South Yorkshire, DN9 3GA. Registered Address: 44 Arbor Road, Croft, Leicestershire, LE9 3GD

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR DEBT SECURED ON IT