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.