When You are looking to purchase a Buy to Let property it is advisable that you speak to a qualified accountant and seek whether it is better to purchase in your own name or in a Limited Company.
The thing accountant will take into consideration is what your tax status is. (ie Basic Rate or High Rate) and even if the rent received may make you a high rate tax payer.
The lender will dependent what your current status is or possibly may be will calculate the rent that is required to be in a position to lend the requested amount.
Whether purchase in individual Name or Limited Company name most lender require you to have a 25% deposit.
EG Purchase Price £150,000
Deposit £ 37,500
Mortgage £112,500
Unlike Residential Mortgages lender will allow you to arrange the mortgage on a interest only basis with no repayment vehicle required.
Some lenders will allow you to take the mortgage upto 80 years of age.
The lender will require the property to be in a condition that the property can be rented out immediately and will require the property to have a current EPC certificate with a minimum rating and you will need to have a Gas Safety Certificate ( If there is Gas in the property) by Law.
Manchester Mortgages have been helping clients throughout Greater Manchester and beyond arranging Buy to Let Mortgages for in excess of 20 Years and have access to all the lenders.
Contact us on 0161 706 0242 or email info@manchestermortgages.co.uk with your requirements and a experienced adviser will provide you with your options.
