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About Buy-to-Let Mortgages
UK investment mortgages have been designed specifically to help finance the purchase of a property you wish to let out, rather than live in yourself.
Buy-to-Let mortgages are assessed on the rental income the property can produce, instead of how much personal income you have. A lender will typically expect the rental income to be 25-45% more than the monthly mortgage payments, on an interest-only basis for it to pass the affordability test. Due to new affordability rules introduced in January 2017, most lenders also need to make an assumption that the initial interest rate will rise when calculating affordability. As the calculation varies from lender to lender, we may still be able to assist with the loan size you require even where the calculation from some lenders is too restrictive.
Some lenders will also expect that a Buy-to-Let purchaser, has a minimum level of personal income as a safety net in case there are rental voids. It is wise to consider setting aside some savings and/or take out insurance that can help you meet unforeseen problems and protect your investment.
Buy-to-Let lending is high on many lenders agenda, as there are a variety of landlord mortgage products available to suit most circumstances with more product launches and criteria updates planned.
The First Time Landlord
If you are a first time Buy-to-Let investor, we can provide you with all you need to know about the range of mortgages available. Our free guide helps you to understand how a Buy-to-Let mortgage works and our experienced advisers will take the time to coach you on the lending options available specifically to you.
If you are looking to raise the initial deposit from your own residential home, we will help guide you on the most cost efficient way to ensure that these funds are there when you are ready to invest.
The Experienced Investor
If you already have a sizable portfolio or are looking to expand, our Mortgage Experts will work with you as your financial partner. We will take time to discuss and understand your strategy whether you wish to invest for income, capital growth, or both.
Our knowledge and expertise will become your resource to help you finance more complex property investments, such as HMO properties, refurbishments and conversions, developments, auction property, commercial and semi commercial property, multiple flats on one title and also more specialised purchase structures including Limited Companies, Offshore Companies and Trusts.
Experienced landlords tell us they are seeking additional ways to fund purchases due to lending limitations imposed by lenders. CCFLUK experts can offer such assistance with access to a wide range of options via main stream Buy-to-Let, commercial funding and specialist lenders, such that there is rarely a client that we cannot help to grow their portfolio.
New rules were imposed on lenders by their regulator in September 2017. These rules require lenders to apply specialist underwriting to applications from portfolio landlords, defined as those who have more than 4 mortgaged BTL properties.
The Refurbishment Investor
Some investors have a clearly defined strategy of purchasing property in need of renovation, to create immediate added capital value. If your strategy is to sell the property to take the profits, CCFLUK can help with a wide range of short term funding solutions, to fund the initial purchase and in some cases up to 100% of the costs of the works.
If your strategy is to keep the property to let it out, our experienced advisers will be able to guide you to lenders that will enable you to refinance to the full increased open market value of the property, at the earliest opportunity, releasing funds to help investment in the next property.
The Accidental Landlord
In today’s society, many of us become landlords ‘accidentally’. This can happen due to relationship breakdowns and the joint home needing to be let while finances are resolved, or it can happen because we are keen to move more quickly than we are able to sell our existing property.
Whatever the reason for keeping your existing home and letting it out, CCFLUK can help you explore letting options from your existing lender or refinance to a Buy-to-Let lender. We then guide you to the most suitable lender for your new home, one who will be prepared to consider your application even though you do not plan to sell your existing property.