If you are thinking about buying an investment property for income, or to supplement your pension, accurate mortgage advice regarding buy to let mortgages is vitally important. At Manchester Mortgages we have an in-depth knowledge of lenders’ criteria and requirements and we can therefore remove all the stress or confusion in finding the right Buy to Let mortgage product for you.
Arranging a Buy to Let mortgage can be a potential minefield with every lender using a different way of calculating and assessing what they could lend you.
For example, lenders may offer what seems to be a low competitive rate only to charge a large arrangement fee which in most cases will be added to the mortgage. In some cases, however, the lender may stipulate that this fee has to be paid upfront on application.
Conversely, lenders may offer what appears to be a high interest rate yet has no (or only a small) arrangement fee.
We will help you complete the paperwork involved with the application and will keep you fully informed about how your application is progressing
Changes in Stamp Duty
You may be aware that there was a change to how Stamp Duty is calculated from 1 April 2016 and thought that it will not affect you when you are looking to purchase your first buy to let property or indeed adding to your existing rental portfolio. It does – and in a big way !
For example, under the old calculations if you were purchasing a property for £150,000 you would have paid 1% i.e. £1,500 in stamp duty. However, under the new rules you will pay a total of £ 5,000 ( 3% on first £ 125,000 plus 5% on remaining £ 25,000 ) – an additional £3,500 in this example.
The higher the purchase price the more stamp duty will be payable. Stamp duty cannot be added to the purchase price and therefore cannot be included in the mortgage. It must be paid to the solicitor on exchange of contracts.
Manchester Mortgages have years of experience in arranging Buy to Let mortgages for our clients. We will fully assess your requirements and research the whole market to provide you with a detailed recommendation. To discuss your personal Buy to Let mortgage requirements please contact us on 0161 706 0242 for an informal free chat or complete our contact us form, and we’ll call you back.
More information on Buy to Let from Manchester Mortgages…
For more great advice see Manchester Mortgage’s Help and Advice page
The overall cost for comparison is 4.29%. The actual rate available will depend upon your circumstances. Please ask for a personalised illustration. The FCA do not regulate some Buy to Let Mortgages
Manchester Mortgages is a trading name of Mortgages 4U (North West ) Limited which is authorised and regulated by the Financial Conduct Authority (FCA register number 301076).
Registered in England & Wales No. 4729252. Registered office: Suite 8 Moorfield House, 2a Moorside Road, Swinton, Manchester M27 0EW
Your home or property may be repossessed if you do not keep up repayments on your mortgage.