Landlord Mortgage

As a Landlord, balancing your financial situation to ensure that you have a steady income can be stressful. This means that when it comes to finding your next mortgage, you need to make sure that you are given the best options available to you. 

You may be looking for your own residential mortgage, and what income you need to show to help you get there.  Alternatively, you may be searching for your next investment opportunity, and an adviser that understands your situation.

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Residential

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Residential

If you’re looking for your next house move, or even remortgaging your current home, it’s vital to be able to evidence the income from your other properties. Lenders will take the ‘profit from land & property’ from your tax calculation, and use this as your income to determine your borrowing amount.

Some will average your last 2 years, others may take the latest year, depending on experience and any changes. An adviser can run through the different options available to you.

Buy to Let

Perhaps you’re building up your portfolio of properties, and want to find the right mortgage for your future investments. Lenders will base affordability more on the rental yield, rather than your own personal income. But many will have a minimum income criterion to consider.

Our expert mortgage advisors have many years of experience working closely with Landlords. We can help you save money on your mortgages by getting you the best deals on the market.

With a plethora of mortgage lenders on our panel, there is a mortgage for you. Let us help, give us a call today to help you get the process started.

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Frequently Asked Questions

A landlord intending on renting out properties will need to pay a higher rate of stamp duty in the UK and Ireland. The rate will be dependent on the value of the property. You can calculate the stamp duty rate using the government stamp duty rate here.

Properties that are purchased with the intent of being rented out often require a higher deposit – around 25%.  Interest rates also tend to be higher on these properties. Landlords also need to consider other costs associated with buying a house, such as surveys and legal fees.

Landlords are required to report their rental income to HMRC every year, as well as telling them as soon as you begin renting out a property. This is to ensure that you are paying the correct amount of tax on your income. 

There are also new restrictions on the amount of tax relief that landlords are able to receive from the government. This means things such as mortgage interest or interest on loans for furnishings, are no longer deductible.

If you have multiple properties, then you’ll need an adviser that knows the lenders to approach.  Some will have restrictions on the overall lending and subsequent loan to value of your portfolio.  Others may have a maximum amount of properties or mortgages you can have, with them or multiple lenders. 

You will usually need to provide a property schedule to the lender, detailing the particulars of each property you own, its rental yield and performance.  Some also ask for a business plan to establish the investment strategies and operating model.

A popular move of late, is to purchase investment properties via a Limited Company, due to the potential tax efficiencies. There are many lenders available for this, but all have their own criteria and restrictions to be aware of. Depending on the amount of properties you have, you may be requested to complete a business plan and property schedule, informing the lender of the business’ current position. Your adviser can help you navigate all of this.