Are you, your friends or family struggling to remortgage?
Our in house mortgage advisor can help!
There is a new mortgage offer in place whereby the basic criteria is:
- Must be married, you can use your partners income to top up how much you can borrow.
- Borrowing up to 70% loan to value
Best part is, your partners income does not need to go on the mortgage or application.
How does it work?
Illustrative example:
Mr Smith buys a property in his sole name with an income of £30,000.00 per annum, Mrs Smith is not named on the mortgage however earns £20,000.00 per annum, we use 50% of Mrs Smith income within the affordability. A total income of £40,000.00 to be used in the affordability based on 2 adults living at the property.
Miss Johnson wants to remortgage her property and has an income of £45,000.00 per annum, her partner Mr Taylor who is not named on the mortgage but living at the property earns £35,000.00 as a self-employed plumber. A council tax bill is provided as evidence that Mr Taylor resides at the property. £62,500.00 to be used in the affordability
Get in touch today to speak to our inhouse mortgage advisor.
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We have a property maintenance reporting app, FixFlo. Please fill in as much information as possible on the app and our Property Management team will be in touch! Maintenance Request: https://morganpayneknightly.fixflo.com
A buy-to-let mortgage is a type of mortgage specifically designed for individuals who want to purchase a property with the intention of renting it out to tenants. This allows investors to generate rental income and potentially benefit from property value appreciation over time. Here's how buy-to-let mortgages generally work: Property Purchase: As an investor, you'll need to find a property that you believe will attract tenants and generate rental income. Financing: Instead of a traditional residential mortgage, you'll apply for a buy-to-let mortgage. The eligibility criteria and terms might differ from residential mortgages, often requiring a larger down payment (typically around 20-40% of the property's value). Rental Income: Lenders will often assess the potential rental income of the property as part of their decision-making process. This income will help determine the amount you can borrow and your ability to repay the mortgage. Interest Rates: Buy-to-let mortgage interest rates can vary and might be higher than residential mortgage rates due to the higher perceived risk for lenders. Repayment: There are two primary types of buy-to-let mortgages: interest-only and repayment. With an interest-only mortgage, you pay only the interest each month and the principal (the original loan amount) remains unchanged. With a repayment mortgage, you pay both the interest and a portion of the principal, gradually reducing the loan balance. Risk and Return: Buy-to-let investments come with risks such as property market fluctuations, vacancy periods, maintenance costs, and potential difficulty finding reliable tenants. However, successful investments can provide a steady stream of rental income and potential capital appreciation. Lender Requirements: Lenders may have specific requirements for buy-to-let mortgages, such as a minimum rental coverage ratio (the rental income should cover a certain percentage of the mortgage payment) and restrictions on the types of properties they will finance. Consulting with financial advisors, mortgage brokers, and tax professionals can help you make informed decisions based on your financial goals and circumstances. If you would like to book a free meeting with our inhouse mortgage advisor, please get in touch today.