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Archive for the ‘Landlord Advice’ Category

BTL Mortgages for Professional Landlords

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One of our BTL lenders for professional landlords:

  • Up to 80% LTV
  • Standard and specialist buy-to-let products for all types of landlord (including limited companies)
  • Single residential units, HMOs and multi freeholds
  • Choice of competitive fixed and variable rates
  • No portfolio limits
  • Maximum age 85 at end of mortgage term (79 at start of the term)
  • No minimum income required for experienced landlords
  • Capital raising to 80% LTV, to fund portfolio expansion
  • New build and ex-public sector houses accepted

These products are unregulated BTL mortgages and are subject to you and the property meeting their criteria. Please contact us to discuss your requirements.

 

It’s not just about the rent

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We are now two months into the new regime of increased stress tests. One lender has 8 different calculations depending on property type, loan term, rate chosen and tax status.

Working out how much you can get is a bit more complicated. But we do this many times a day so know which lenders to choose and the ones to avoid. Don’t waste hours of your time, contact us to see how we can help you with your next Buy to Let Mortgage.

 

Bridging Finance-How does it get repaid?

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I’m surprised at how many enquiries I get from clients who taken out bridging finance through another broker who has not got a firm exit in place.

If you don’t have the funds to repay it there are only two ways it can be repaid, either the sale of the property or a remortgage.

With the remortgage, before you take out the bridge you need to ensure that both you and the property meet as many lenders criteria as possible. If you have only one lender to choose from, then in 6 months they not be lending in that market or at that LTV. That’s dangerous and can cause you a lot of problems.

If you are late repaying the loan most lenders increase the monthly interest rate which will quickly wipe out any equity you have in the property.

So focus on the exit before you take the bridge.

 

BTL Tax Relief Change Calculator

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The Mortgage Works have created a Buy to Let Tax Change calculator

Most impacted

  • Existing higher rate tax payers (40% and 45%)
  • Landlords with marginal rental cover (high mortgage costs relative to rental income)
  • Tax payers moving into the higher rate tax band as a result of the changes
  • Landlords with strong rental cover

Lower rate tax payers remaining in the same band and unencumbered landlords are unaffected.

For advice on BTL mortgages contact us now with your requirements.

10 Reasons to use Searchlight Finance

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  1. Support and inform you from initial enquiry through to completion and beyond.
  2. Education service on market in general and 16 years experience of being a landlord.
  3. Take the time to gain a detailed knowledge of your circumstances and aspirations
  4. Provide impartial, expert and external scrutiny of mortgage products.
  5. Identify when your circumstances do not meet the criteria of specific lenders.
  6. Identify the most likely lender in unusual situations, thus avoiding the need for multiple credit checks.
  7. Expert guidance in complex scenarios.
  8. We understand the urgency of some transactions and “Go the extra mile” to meet deadlines.
  9. We work for you and not the lender.
  10. Explain the features and benefits of different options and lenders.

Stick to your Mortgage Conditions

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We receive calls where it is clear that the true purpose of the BTL mortgage is not the same as what is being asked for. Using traditional BTL mortgages for HMOs and Serviced Accomodation is not allowed unless it specifies it within the mortgage conditions. Here Stephen Johnson of Shawbrook Bank outlines the penalties for doing so.

From our point of view using a wrong product for a mortgae application is fraud and the case will be declined.

Watch “Data to go… how safe is your data online?”

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There are many examples of identity fraud and whilst most get sorted,  it takes time. I’ve seen many cases where clients don’t get the BTL mortgage they need because of problems on their credit file.

This video produced by Noddle highlights the issues we face .

The UK HMO market by Shawbrook Bank

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It has taken several months in talking to Shawbrook Bank to get the material for this report and it’s a must read for any HMO investors and those who are looking to get into the market. Feel free to contact me if you require advice on your next HMO mortgage

AST Template

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Did you know the government have a recommended tenancy agreement for landlords to use which is updated in line with legislation? Find it here

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Searchlight Finance Limited is registered in England and Wales No.07929050 Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance. ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

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