Buy To Let Mortgages For Multiple Properties
Our Buy to Let Mortgage Service
Special features of what we offer include:
- Specialist service for landlord with multiple properties
- Whole of market service - we work with over 60 UK lenders
- Top Rates! - Access to leading market mortgage rates
- Exclusive Rates - Access to btl deals not available on the high street
- Quick turnaround - speak to us today if you need to move quickly
- We have lenders who will take into account previous defaults and missed payments
- Looking to raise additional finance on top of your existing buy to let mortgage portfolio? - we have access to a range of finance solutions.
Buy to Let Mortgages for Multiple Properties
Overview of Buy to Let Mortgages
If you want to buy a property with the intention of renting it out, you will require a specialist mortgage, known as a buy to let mortgage. Buying a property to rent out can offer the opportunity to benefit from capital growth on the value of the property, as well as income from rent payments.
How Many Buy to Let Mortgages can I have?
Unlike residential mortgages, buy to let mortgages are primarily dictated by the level of rent that the property can achieve. As a result, you are able to take out multiple buy-to-let loans (providing that you meet the lenders criteria).
However, it is worth noting that you might face difficulties acquiring multiple mortgages on properties within the same area, as it is seen as more risky for lenders should a unpredictable factor affect the renting conditions in that particular area.
Considerations for Multiple Buy to Let Mortgages
Before you decide to expand in the buy-to-let market, you should be aware of the increased costs associated with multiple mortgages. In addition to raising enough money for the deposit, you should also consider the costs related with the following.
- Letting agent fees – you do not have to use a letting agent to rent out or manage your rental property, but it can be more convenient to do so, in which case you will need to factor this cost into your overall expenses.
- Stamp duty – this tax applies if you buy a property worth more than £125,000, just as it does on residential mortgages
- Maintenance – as a landlord, you will be responsible for the upkeep of the property
- Rental insurance - this type of insurance covers you if you cannot rent out your property, or if you tenant goes into arrears.
- Safety checks – these are an annual requirement
- Landlord insurance – this type of insurance covers the building and its contents
- Income tax on your rental income – you will need to declare your rental income (minus certain expenses such as mortgage interest and letting agents’ fees) on your Self Assessment Tax Return each year. If you want to pay an accountant to organise your taxes for you, you will also need to budget for this.
- Capital gains tax (CGT)- when you sell the property – unlike your primary residence, a property that you rent out is not exempt from capital gains tax
- Inheritance tax – any rental property you own will be considered part of your estate in the event of your death.
If you think you may benefit from our service, you can fill in our online contact form to request a call back from our buy to let advisory team, who can provide you with a free initial consultation about mortgages, or call directly on:0117 403 4222