Buy To Let & Holiday Lets
A Buy To Let is a property purchased with the intention of renting it out to tenants to have an income or an investment for future capital growth. The rules have evolved substantially in recent years with increased taxes and greater regulation and therefore obtaining the correct advice from an experienced MCB Adviser in this complicated market is pivotal before looking to invest further.
Unlike a traditional mortgage assessed on affordability a Buy To Let mortgage is largely assessed on the rental income that will be achieved on the property. Some lenders may include earned income too but depends on the Lender and their risk policies.
Normally you will need at least 25% to 20% as a deposit. They will allow you to take the mortgage on an interest only basis to keep the mortgage payments to a minimum to maximise the rental income as profit.
Please note the stamp duty rules have changed when purchasing a buy to let property “we will discuss this further with you”
Limited Company Buy To Let
Due to recent tax changes in receiving rental income there has been a change in recent years for applicants to purchase a buy to let property as a special purpose vehicle in a limited company name. You should always seek advice from a specialist tax adviser to see if this is the right option to take, but if it is then there are an increasing amount of lenders who will consider offering a mortgage to a limited company rather than in a personal name.
These are specialist lenders that require expert advice from a MCB Adviser to ensure you are fully aware of the process and costs involved in getting a Limited Company Buy To Let mortgage.
If you have 4 or more investment properties then the majority of lenders will consider you a portfolio landlord and some lenders will not lend. Other lenders are available but more work and expertise is required so again essential you speak with a MCB Adviser to get the best advice for your circumstances and requirements.
We can also help with other specialist areas in the buy to let market such as:
- HMO Properties
- Student Let Properties
- Multi Unit Properties
- Ex Pat BTL’s
- Commercial Lets
This type of let is becoming more popular as can be more profitable as well as more tax efficient as if the property is a furnished Holiday Let then you can offset the mortgage interest. We do recommend seeking advice from a tax expert regarding this. More lenders are lending in this market but the criteria can be different for each lender so it is important you get the best advice from a MCB Adviser who will have access to the whole market including specialist lenders to obtain the best deal and solution for your needs.
We can also provide you with the correct landlords insurances to protect your property and its contents, we also provide discounted premiums for portfolio clients.
Enquire about a Buy To Let
Your home may be repossessed if you do not keep up repayments on your mortgage. Buy to Let Mortgages are not regulated by the Financial Conduct Authority.
*This is a lifetime mortgage scheme. To understand the features and risks, ask for a personalised illustration.
Service you can trust
MCBs knowledge of the financial market is superb. They give honest advice in a way that is easy to understand. We have always found them easily contactable and quick to answer any questions or queries we have. I have never received anything but first class standard from them.
Sonia in Norwich
Excellent fact finding and customer understanding in first instance. Worked tirelessly to find right products which I felt were not only competitive but explained the small detail, which is so often overlooked. Paul also gave a long term view/strategy. An all round first class service.
Andy in Norwich
Great firm, honest, pragmatic and professional advice. I've always found Mark and his team to be really helpful - a rare find in an often bureaucratic industry, highly recommended!
James in Norfolk
Customer at the heart of everything
When dealing with MCB, I've felt they put the customer at the heart of everything they do. In my own personal experience I received excellent customer service for my own mortgage, they sat down with me to understand my needs and showed a genuine interest on helping me achieve this. I was kept up to date throughout the whole mortgage process and would thoroughly recommend MCB to anyone needing guidance/reassurance on help their finances.
Matthew in Norwich
Mark and the team are superb. No silly jargon, no hard sell, just good old fashioned customer service and advice. Highly recommended, and will use them again and again. They have already helped me on several occasions. I have also recommended them to friends and colleagues.
Richard in Suffolk