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Buy to Let Mortgage Advice in Doncaster

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Buy to Let Mortgage Doncaster

If you are in the market for seeking Buy to Let Mortgage Advice, our expert Mortgage Advisors in Doncaster are here to help. Whether you’re wanting to take the initial leap and become a landlord or are experienced in doing this already, we have a lot of industry knowledge on Buy to Let mortgages.

 

As a Mortgage Broker in Doncaster that works hard to assist our customers, we have helped a variety of different investors in securing them brilliant buy to let mortgage deals. Our dedicated team will look through 1000s of mortgage products, in order to find you the best deal they can for your needs.

 

If you would like to purchase your new buy to let property through a limited company (known as a Special Purpose Vehicle, or SPV for short), our team of mortgage advisors in Doncaster have a great amount of knowledge on this too, and will be happy to talk through your mortgage options.

 

If you are looking to compare the taxation benefits, then you will need to get in touch with an experienced tax advisor as they will be able to give you the appropriate advice on this.

 

Though we typically help with standard residential buy to let mortgages in Doncaster, we can actually help with HMOs (House of Multiple Occupancy) and holiday lets too, so if you require some assistance with one of those, do not hesitate to get in touch for your free mortgage appointment.

 

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We search 1000s of mortgage deals across a large number of lenders, including:

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Buy to Let Mortgage Advice in Doncaster

Throughout our tenure as a mortgage broker in Doncaster, we have helped many landlords secure mortgages for the properties they are investing in.

 

Whether you’re looking to mortgage a regular residential buy to let, a holiday let, or a HMO, our team of mortgage advisors in Doncaster will be happy to run through your circumstances and find you a great mortgage deal.

 

 

Here are some buy to let mortgage scenarios we have encountered in the past:

Residential Buy to Let Doncaster

The buy to let option that we encounter the most is a standard residential buy to let. This option is basically what it says on the tin, it allows you to take out a mortgage on a residential property purchase that you intend to rent out rather than live in.

 

The majority of buy to let borrowers will take out their mortgage as interest-only, as this will keep their monthly payments lower due to only paying the interest each month. You’ll usually pay the monthly amount through the money you have gathered from rental fees. The capital will need to be paid off in full at the end of the term.

House of Multiple Occupancy (HMOs)

A house in multiple occupancy is a term referring to residential properties that tend to have multiple tenants and have common areas that are shared. Examples of this would be student housing. Depending on how big your HMO is, you may be required to get a license from your local council. We highly suggest speaking to the local authority ahead of time so you are aware of the legalities.

 

Because HMOs are classed as a specialist buy to let investment, not all mortgage lenders out there will offer products for them. Luckily we do have some on panel that can offer mortgages to customers looking to purchase a HMO.

 

HMOs tend to bring in higher yields than that of a regular buy to let investment, though you have to bear in mind other costs, such as license fees from the local authority and having to maintain the general upkeep of the property more frequently.

Buy to Let through a Limited Company

We see more and more landlords now looking to explore their options for purchasing their investment properties through a limited company SPV (Special Purpose Vehicle). This is especially the case when it comes to buy to let landlords with extensive property portfolios.

 

As a typical rule, you will pay a higher interest rate when taking out a mortgage in the name of a Ltd. Company and won’t have as many options when it comes to the number of lenders that offer mortgages for these.

 

That being said, the costs can be greatly outweighed by the potential tax savings. We would always suggest having a good talk with an experienced tax advisor to determine if this is the right path for you to take.

Holiday Lets Doncaster

Holiday let mortgages are designed for people looking to purchase a property that will have multiple regular short term tenancies over time.

 

A holiday let is classed as a specialist type of investment, so once again it’s something that not all lenders will have products available for you to choose from. Turning this into a positive though, our mortgage advisors in Doncaster also have a great deal of knowledge in holiday let lending criteria and will be able to take a look at your options.

 

In this section we have taken a look at the most common buy to let investment scenarios that we have encountered in Doncaster.

 

If you do not match anything that has been mentioned here, then please don’t hesitate to get in touch with us. Utilising our extensive experience, it’s not often that there’s a situation we haven’t encountered at some point in the past. We look forward to helping you with your mortgage.

Buy to Let Mortgages Doncaster

As your expert Buy to Let Mortgage Advisors in Doncaster, we will be ready and waiting to support you through your entire mortgage process. We are available seven days a week, from early on in the day until later in the evening. We will aim to help you over any hurdles you encounter along the way.

 

Our open & honest team at Doncastermoneyman.com are very familiar with the buy to let market and have a lot of knowledge on the goings on. We often work with buy to let landlords, forming relationships with those who regularly need to arrange a mortgage or remortgage, taking the stress off their shoulders.

 

We always keep ourselves up to date with the latest buy to let legislation and lending criteria, which allows us to ensure our customers are always well informed and given accurate and professional mortgage advice in Doncaster.

 

Our mortgage administrators and advisors will support you from your first point of contact, right the way through until your transaction has completed and beyond. It is our mission to give our customers a clear and simple process, all the way throughout their experience of our mortgage advice service.

 

To see more about why so many people use us and come back to us for buy to let mortgage advice in Doncaster, please feel free to read our amazing reviews, left by genuine customers that we were more than happy to help.

What our customers say

Common mortgage
questions

Though the required amount can typically vary between 20%-40%, the minimum deposit for a buy to let mortgage is around 25% of the properties value.

Your free initial mortgage consultation in Doncaster will last roughly one hour. We will then be on our way to recommending a mortgage for you, where you have no obligation for you to proceed. If you’d rather not take it and step back for a time, you have every right to do so.

Your mortgage advisor in Doncaster will carry out a Fact Find to establish your personal mortgage needs, before recommending the most suitable mortgage for your situation. A credit check will then be required in order for you to obtain an Agreement in Principle, which we are able to help with. Once you have provided the lener with all the relevant documentation, and you have had a valuation of the property completed, a formal mortgage offer can then be issued.

To avoid finding yourself disappointed when viewing and making offers on properties, we recommend you obtain an Agreement in Principle ahead of time. At the very latest, we recommend that you obtain one prior to making an offer, as this will assist your bargaining position.

An Agreement in Principle will usually last for between 30 and 90 days depending on the Lender that you are with. If your Agreement in Principle expires, you can easily have it refreshed.

You may have the option of taking out a second mortgage on your home for things like debt consolidation or any potential Home Improvements. It may also be possible to take out a mortgage on a second property to use on yourself, for a family member, a holiday home or even a Buy to Let.

If you’ve had credit problems previously, you may still have a chance at getting a mortgage, but you may possibly be required to put down a higher deposit than for the property than you might have if you had with good credit. This can often be 15% of the property purchase price.

You are able to get a mortgage, once you have submitted at least one year’s accounts. The majority of Lenders use your salary plus dividend to calculate the maximum mortgage amount you can borrow, whereas others will go off your net profit.

You’ll generally be required to send three payslips if you are a standard employee to prove income and the latest 2 years’ accounts for self-employed. You will also need to produce proof of ID, proof of address and the previous 3 months’ bank statements.

The free mortgage consultation that you receive when getting in touch, will typically last up to an hour. We can help you obtain an agreement in principle within 24 hours of this consultation, with a formal mortgage offer taking on average about three weeks.

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We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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Doncastermoneyman.com & Doncastermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Doncastermoneyman

Doncastermoneyman, 3 Cavendish Court, South Parade, Doncaster, DN1 2DJ.

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