A buy-to-let mortgage is an excellent choice if you’re looking to buy a property as an investment rather than somewhere to live yourself.

Interest-only buy-to-let mortgages are very popular, with over 700,000 pure interest-only mortgages in the UK.

Here’s everything you need to know about interest-only buy-to-let mortgages in the UK to help you make an informed decision.

How do Buy To Let Interest Only Mortgages Work?

A buy-to-let interest-only mortgage allows you to pay only the interest on the loan every month for the duration of the mortgage.

Since you only pay interest on the buy-to-let mortgage, you must pay off the entire loan balance at the end of the term.

Most people pay off the balance as a lump sum by selling the property at a profit if it has gained value, or by extending the mortgage for a longer term.

You can also sell other assets or have a plan to pay off the remaining balance in case house prices fall and the value of the property is less than what you paid.

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What Are The Pros of A Buy to Let Mortgage Interest Only?

A buy-to-let interest-only option features various advantages, including:

Low Monthly Payments

With a buy-to-let mortgage interest only, you’ll make lower monthly payments because you’re only paying the interest on the loan and nothing else.

You can easily cover the interest payments with the rental income and remain with more money from the rent received than a repayment mortgage.

Most lenders require that the buy-to-let property generates a higher income than the amount you must pay back, which can be 125% to 145%.

You can also switch to another interest-only buy-to-let mortgage once the introductory period is over to ensure the interest-only payments remain low.

Higher Profits

Low monthly payments translate to higher profits from your rental income once the mortgage payment is deducted.

The surplus can be helpful in various ways, as it can help you cover unexpected costs like renovations or modifications.

You can also use it for professional or insurance fees, or save each month to afford another investment property.

With a buy-to-let repayment mortgage, your profit margins will be tight and possibly non-existent since you must cover monthly interest and capital payments.

Safety Net

Having tenants on your buy-to-let property isn’t guaranteed, and you may go a few months without making any money in rent.

A buy-to-let mortgage interest only can provide a kind of safety net since you’ll make lower monthly payments out of pocket than a repayment mortgage.

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Easier Affordability

Buy-to-let mortgage lenders don’t usually have minimum income requirements, but they insist that the rental income generated from the property exceeds the mortgage.

Depending on the lender, the rental income must be around 125% to 145% of the mortgage.

A buy-to-let mortgage interest only makes it easier to meet the lender’s affordability requirements because the monthly payments will be lower.

It’s easier to afford monthly interest-only payments and remain with profit from the rental income.

What Are The Cons of A Buy to Let Mortgage Interest Only?

You need to consider a few things when deciding to take out a buy-to-let mortgage interest-only, including:

More Interest Overall

Since the outstanding balance doesn’t reduce on a buy-to-let mortgage interest only, the interest level remains the same every month.

Therefore, you’ll end up paying more interest over the full term than a repayment mortgage.

With a repayment mortgage, you’re continuously paying down the capital each month, and the amount of interest you pay gradually reduces as you reduce the balance.

Related reading: 

• Reasons for remortgaging.
• Remortgaging to release equity.
• Remortgaging to buy another property.
• Remortgaging with bad credit.
• Remortgaging for home improvements.
• I own my house outright can I remortgage? 
• Capital raising mortgages.

It’s Considered a Higher Risk

Most lenders consider a buy-to-let mortgage interest only as riskier because you’re required to make one large payment at the end of the term.

Even if you have a plan on how you’ll pay the amount, there’s no guarantee that it will pan out as expected.

Most borrowers choose to sell their investment properties for a profit, but this leaves you at the mercy of the housing market as property prices can fall around the time your mortgage term ends.

You may fall short of the lump sum amount and need another repayment strategy, like an investment fund, to cover the balance.

Limited Ownership

You’ll not own the investment property at the end of the term since you only pay the interest and nothing on the actual mortgage balance.

You’ll only get full property ownership after making the lumpsum payment on the mortgage balance.

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Eligibility Criteria for Buy to Let Mortgage Interest only

Different lenders can have varying criteria, but some general factors lenders will look at include the following:

Rental Income

The property’s rental income potential is essential, since lenders use it to determine affordability.

Generally, you’ll use the rental income to make mortgage repayments, and you’ll need to have a forecast of the rental income from a registered letting agent.

Credit History

Adverse credit can make it challenging to qualify for a buy-to-let mortgage interest only, but it’s not impossible.

The severity, age, and amount involved in your credit issues can impact the lending decision, and enders can overlook less severe cases.

You can also find specialist lenders offering interest-only buy-to-let mortgages for borrowers with less-than-perfect credit scores through the help of a mortgage advisor or broker.

Property Type

Lenders set particular preferences on the property type they’re willing to finance.

Most stay away from investment properties with non-standard construction or houses of multiple occupancies (HMOs), but some are more flexible.

Age

Lenders can also set minimum and maximum age limits on their products.

Most require that you’re at least 21–25 years old and that you can finish repaying the mortgage by age 75-86.

How Much Deposit Do You Need?

You’ll usually need a larger deposit for a buy-to-let mortgage, and the higher the deposit, the better the deal terms.

Most lenders require a minimum 25% deposit for an interest-only buy-to-let mortgage.

Lower deposits can result in higher rates and fees, so aim for high deposits to get the best deals available.

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Buy to Let Mortgage Interest Only Final Thoughts

A buy-to-let mortgage interest-only option is an excellent choice to increase your cash flow and get reduced monthly mortgage payments.

However, it’s a significant financial decision, and you must ensure it’s your best option.

Ensure you consult an independent mortgage advisor with experience arranging buy-to-let interest-only mortgages to get qualified advice and access to the best deals.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

The best buy to let remortgages involve straightforward processes with achievable criteria and reasonable rates that make switching beneficial and affordable.

Remortgaging a buy-to-let consists in changing your current buy-to-let mortgage deal to a new one.

The best remortgages for a buy-to-let are usually exclusive to independent mortgage brokers.

Getting the best deal depends on your situation and unique factors, including income, credit history, and equity.

Here’s everything you need to know about the best buy to let remortgages.

How do the Best Buy to Let Remortgages Work?

The best buy to let remortgages allow you to save money by moving to a lower mortgage rate or borrow more money by releasing the equity held in your property.

It can involve moving to a new lender or staying with your current lender, referred to as a product transfer.

Remortgaging a buy-to-let involves taking out a new mortgage on your property but under different terms and conditions.

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The process can be longer if you’re switching lenders because it consists in applying for a new mortgage all over again.

The buy-to-let remortgage process can involve various steps:

• Determine the loan to value – You’ll need to know the LTV you’re looking for based on how much you need to borrow. For example, if you want to borrow £150,000 and your rental property is £300,000, your LTV will be (150,000/300,000) x 100 = 50%. You’ll have more access to a better and broader range of products, lenders, and rates if you have a low LTV.

• Shopping around – While it’s worth asking your current lender about the remortgage deals available, you must also shop around and assess your options. This involves researching different lenders and remortgage products for the best deal, and you can use the help of a mortgage broker with whole-of-market access.

• Making your application – You must prepare and apply once you find a suitable lender and product. It includes information about you, your property, and your rental income. You’ll also undergo the same financial scrutiny you did when applying for your current mortgage.

Eligibility for the Best Remortgages for a Buy to Let

In addition to completing affordability assessments and credit checks, lenders will view your application differently than a residential one.

They’ll want to know why you want to remortgage and how much rent the property can generate compared to the mortgage cost.

Most lenders require the rental income to cover 125% to 145% of the monthly mortgage repayments.

Some also have income requirements, like earning a minimum of £25k to £45k, but not all.

The type of property or tenant you have can also be a factor for lenders. Most lenders disallow students, and anything non-standard in your property will raise red flags.

You can also face hurdles for the best buy to let remortgages if any perceived risks are involved, like having a house of multiple occupancy (HMO), a flat, a thatched cottage, or a timber frame.

Reasons for Remortgaging a Buy to Let

Saving Money

When your initial or fixed rate term ends, you’ll move to your lender’s standard variable rate (SVR), which is significantly higher, and you want to avoid this from happening.

Remortgaging to a new deal with a lower interest rate can help you save money.

Since you can no longer reduce your mortgage interest expenses from your tax bill, saving money has never been more critical for a landlord.

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Home Improvements

Remortgaging your rental property can help you release equity to fund home improvements like an extension, new kitchen, or additional bathroom.

It’s a common reason to remortgage and is accepted by most lenders, especially if you can show that the home improvements will add value and attract higher rent prices.

Expanding Your Portfolio

You can remortgage to raise money for buying additional properties and expanding your portfolio.

Depending on the size of your equity and whether your house has increased in value, you can raise enough money to fund buying another property outright or putting down a deposit.

The remortgage process can be complex depending on the number of properties you have, and you may need a lender specialising in landlords with a portfolio of properties.

Consolidating Debt

It’s common to remortgage to pay off debts, especially if you’ve gained substantial equity in your property through repayments or an increase in value.

Remortgaging can help you pay off debts in two ways.

It can help you negotiate lower interest rates and get lower mortgage payments, allowing you to put the saved amount towards other debts.

It can also allow you to borrow enough money to pay off other debts, but you should do this lightly since you’re essentially shifting it to your mortgage.

You should get professional advice before proceeding because you may pay more in the long run or get low rates since it can signal financial difficulty to lenders.

Buying Out a Partner

You can remortgage to raise enough money to buy out a partner or change specific mortgage terms if you own a buy-to-let property with someone else.

It will involve completing a new buy-to-let mortgage application with your current lender or a new one so they can determine if you can afford mortgage repayments alone.

There should be any hurdles, provided you meet the lender’s eligibility requirements and affordability criteria.

How Much Can I Borrow with the Best Buy to Let Remortgages?

The amount you can borrow with the best remortgages for a buy-to-let will depend on the equity you have in your property, your financial position, and the LTV ratio the lender is willing to stretch to.

The loan to value refers to the amount you want to borrow as a percentage of the property’s value.

Lenders apply different limits or maximum LTVs and usually offer better deals for borrowers with low LTVs.

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Best Buy to Let Remortgages Final Thoughts

Most lenders allow you to start the remortgage process three to six months before your current deal ends.

The Bank of England base rate recently increased and will likely rise again within the year, so now is the perfect time to remortgage and fix your deal to avoid increased mortgage rates.

A qualified mortgage broker can help you explore your options and give you access to some of the best buy-to-let remortgages available.

Call us today on 03330 90 60 30 or contact us. One of our advisors can talk through all of your options with you.

If you want to try your hand at being a landlord by investing in rental property but don’t have enough savings for a deposit or to buy it outright, you can remortgage to buy to let.

Remortgaging to a buy to let mortgage is a viable path that can help you raise enough cash to put down a deposit or buy an investment property outright, depending on the equity you have in your existing property.

Here’s everything you need to know about remortgaging to buy a rental property in the UK.

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Can I Remortgage to Buy to Let?

Yes. There are a few ways you can remortgage to buy to let.

You can remortgage and change a residential mortgage into a buy to let, or you can remortgage your property to get the funds needed to buy a buy to let property.

Purchasing a buy-to-let can require a significant deposit of at least 25% of the property value.

Getting such funds can be challenging.

You can remortgage an existing property, either a personal home or investment property, and unlock the equity held to release cash for your new purchase.

The equity is the value of the property you own outright and is the difference between the total property value and the amount you owe on the mortgage.

Your monthly payments will be higher since you’re increasing the size of your mortgage.

If your equity level is significant, it’s possible to get enough funds to buy an entire investment property, but in most cases, it’s usually only enough for a deposit.

Criteria for Remortgaging to Buy a Rental Property

Since you’re borrowing more money to release equity, the lender will need to reassess you in the same way as taking out a new mortgage to ensure affordability.

Criteria for remortgaging to buy a rental property can vary between lenders, but some general factors that will be considered include:

Rental Yield

The rental potential of the property you’re buying is essential for approval, and the rental income should be enough to cover the repayments.

Lenders will want a rental income forecast from a letting agent registered with the Association of Residential Letting Agents (ARLA).

Income Requirements

Some lenders can have minimum personal income requirements ranging from £25k-£30k.

Other buy to let mortgage providers can lend to you without individual income requirements, basing the agreement entirely on rental income.

Buy to let mortgage brokers with access to the whole market can help you access such lenders.

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Credit History

While a bad credit history can be a stumbling block, the severity, age, and amount of credit issues can play a part in the lending decision, with less severe problems being overlooked.

Specialist lenders who help borrowers with bad credit can be a suitable option if you’re concerned about how your credit history will impact your application.

Property Type

Most lenders steer clear of investment properties with non-standard construction and prefer apartments or flats made from standard brick and mortar.

Specialist lenders can be more flexible if you’re purchasing a unique property with non-standard construction.

Landlord Experience and Homeownership

A strong track record with rental properties gives lenders confidence that your plans are achievable, and some prefer to offer buy-to-let mortgages to borrowers with landlord experience.

Most lenders will also not allow a remortgaging to a buy to let if you haven’t owned a property for at least six months.

Do You Have to Remortgage to a Buy to Let with Your Current Lender?

No. You can remortgage with your current provider or move to a new lender.

Like all remortgages, it’s worth considering the deals from your current lender but still shopping around to see what other buy-to-let deals are available from other lenders.

You may end up with an expensive deal if you accept your current lenders’ deal immediately and miss out on better deals elsewhere.

Consider whether exiting your current deal will attract early repayment charges (ERCs), which can involve hefty fees, and determine whether or not it’s worth switching.

How Much Can You Borrow by Remortgaging to a Buy-to-Let?

The amount you can borrow by remortgaging to release equity will depend on how much equity you have in the property.

Most lenders have a maximum loan-to-value (LTV) ratio for borrowing, and you’ll likely be limited to around 75% of the property value.

Some providers can finance up to 80% of the property value under the right circumstances.

If you’re buying a significant development, you’ll likely need a commercial mortgage rather than traditional buy-to-let products.

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Is it Worth it to Remortgage to Buy to Let?

Understanding the benefits and drawbacks of this type of investment can help you determine whether remortgaging to buy to let is worth it.

These include:

Benefits

• Long-term Gains – The right investment property can bring short-term and long-term gains in the form of rental income and the possibility to make profits through a sale down the line when the property increases in value.
• Strong Rental Market – The demand for high-quality rental accommodations remains high, and you can capitalise on this as a landlord, especially in certain UK hotspots.
• Tax Benefits – You can reclaim the running costs of rental properties when submitting your tax returns each year. These can include mortgage repayment interest, repair costs, letting agent fees, council tax payments and other fees.

Drawbacks

Tenant-related Risks – Tenants always come with a risk, and you can experience periods of rental void where renters fall into arrears or cause damage to the property. It’s essential to have comprehensive insurance to safeguard yourself against such shortfalls.

High Stamp Duty – You’ll likely pay a higher stamp duty when you purchase a buy-to-let property and may have to fork out an extra 3% compared to a residential purchase.

Market Uncertainty – Although the demand for rental properties is high, the rental market can be uncertain, and rent prices can fall when influenced by external factors.

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Remortgage To Buy to Let UK Final Thoughts

Remortgaging to buy a rental property can be a great way to become a landlord and gain some extra income.

However, there are many significant factors to consider before taking the plunge.

Consulting an experienced buy-to-let mortgage advisor or broker can help you determine the best course of action and give you access to the best deals in the market.

Call us today on 03330 90 60 30 or contact us. One of our advisors can talk through all of your options with you.

If you’re moving away for work, travel, or to live with a partner, renting out your house can help you generate extra income to repay your mortgage while you’re gone.

But is it possible to rent out your house on a normal mortgage, or will you need to change it? Read on to find out.

Renting Out Your House On A Normal Mortgage

Whether or not you can rent out your house on a regular mortgage will depend on your lender and how long you wish to rent it out.

You must inform your lender that you want to let and get permission or consent to let on your current residential mortgage.

If your lender doesn’t allow it or has strict occupancy requirements, you may not be able to rent your house out on a residential mortgage.

The lender can only permit you to rent out temporarily or for a limited period.

If you want to rent out permanently or the lender doesn’t consent, you’ll need to switch to a buy-to-let mortgage.

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How Does Consent To Let Work?

Consent to let simply refers to permission from a mortgage lender to let out a property.

If the lender gives consent, it means they’re okay if you rent your house out while on your residential mortgage.

However, consent to let only lasts for a limited period, usually 6 to 12 months.

Consent to let is only suitable if you want to rent out your house for a short term.

For example, you want to move in with your partner but need to determine if you can live with them before selling your house.

With consent to let, you can rent your house while deciding whether you’ll move back in or go ahead and sell.

It can also be suitable if you want to travel for a few months and get extra income from the house to help pay the mortgage when you’re gone.

Having consent to let will be easier than switching to a buy-to-let mortgage and then reverting to the residential mortgage when you return.

Considerations When Seeking Consent To Let

Some of the factors lenders consider when deciding to grant your consent to let request include:

Income

A minimum income may be necessary to get permission to let. Some lenders will not consent to let if you’re not earning above a certain amount.

They may also require that the rental income from the property can easily cover the cost of mortgage repayments.

Equity

The lender may require that you have a certain amount of equity in your property.

Equity is how much of the property you own outright or simply how much cash you would be left with if you sold your house and paid off the mortgage.

A lender may require that you build up a decent amount of equity, like 25% of the house value, before granting consent to let.

Mortgage Length

Some lenders won’t grant consent to let unless you’ve been with them for a while.

It may be challenging to get consent to let if you’ve held your current mortgage for less than six months, with some lenders setting a minimum mortgage length of 12 months.

Shared Ownership or Help to Buy

Getting consent to let can be harder if you’re on a shared ownership or Help to Buy mortgage.

The schemes usually have strict criteria for letting the property and may even require that the government loan or shared ownership is paid off before converting to other mortgage types.

Cost of Renting Out Your House On A Normal Mortgage

Although some lenders can grant you consent to let with no additional charge and keep the terms of your original deal the same, most will set a charge for the permission.

It can be an admin or a fixed fee, or you may have to pay higher interest rates.

You must also consider other landlord costs, including energy performance and gas safety certificates and ensure your property meets fire safety regulations.

It’s wise to ensure that your rental income can cover all the costs plus your mortgage repayments.

Check Today's Best Rates >

Must I Tell My Lender I’m Renting Out My House?

Yes. If you let out your house without the proper consent from your mortgage lender, you’ll be breaching the terms of your mortgage contract.

Living in the property is usually part of the mortgage conditions if you purchase a house on a residential mortgage.

Occupying it personally presents less risk than using it as an investment property or renting it out.

As a result, most owner-occupied mortgages require a lower down payment, offer lower interest rates and are easier to qualify for.

You may be accused of occupancy or mortgage fraud if you don’t tell the lender you’re renting out the property, which can have serious consequences.

The lender can demand immediate repayment of the entire loan or repossess the property. Although it doesn’t often happen, the lender would be within their rights to do so.

Most lenders settle on a change in terms with financial penalties like additional interest on top of the current one, regular additional payments or backdated payments on extra interest demanded for the period you were letting.

The consequences are not worth the risk, so it’s better to inform the lender and seek consent, and even if they refuse, you can simply switch to a buy-to-let mortgage.

Switch To A Buy To Let Mortgage To Rent Out Your House

If you don’t get permission or want to be a permanent landlord, you can switch to a buy-to-let deal with your current provider or remortgage onto a new deal with a different lender.

It will allow you to rent out your house for as long as you want, but it usually requires extra checks and assessments to ensure you can afford the buy-to-let mortgage.

In addition to assessing your affordability, lenders will require that the future rental income is at least 125% of the mortgage payments before agreeing to switch.

Check Today's Best Rates >

Can I Rent My House Out On A Normal Mortgage? Final Thoughts

You’ll need to inform your mortgage provider and get consent to let if you want to rent your house out on a normal mortgage.

You can be liable for mortgage fraud if you don’t get permission.

Call us today on 03330 90 60 30 or contact us. One of our advisors can talk through all of your options with you.

If you’re moving away for work, travel, or to live with a partner, renting out your house can help you generate extra income to repay your mortgage while you’re gone.

But is it possible to rent out your house on a normal mortgage, or will you need to change it? Read on to find out.

Renting Out Your House On A Normal Mortgage

Whether or not you can rent out your house on a regular mortgage will depend on your lender and how long you wish to rent it out.

You must inform your lender that you want to let and get permission or consent to let on your current residential mortgage.

If your lender doesn’t allow it or has strict occupancy requirements, you may not be able to rent your house out on a residential mortgage.

The lender can only permit you to rent out temporarily or for a limited period.

If you want to rent out permanently or the lender doesn’t consent, you’ll need to switch to a buy-to-let mortgage.

Check Today's Best Rates >

How Does Consent To Let Work?

Consent to let simply refers to permission from a mortgage lender to let out a property.

If the lender gives consent, it means they’re okay if you rent your house out while on your residential mortgage.

However, consent to let only lasts for a limited period, usually 6 to 12 months.

Consent to let is only suitable if you want to rent out your house for a short term.

For example, you want to move in with your partner but need to determine if you can live with them before selling your house.

With consent to let, you can rent your house while deciding whether you’ll move back in or go ahead and sell.

It can also be suitable if you want to travel for a few months and get extra income from the house to help pay the mortgage when you’re gone.

Having consent to let will be easier than switching to a buy-to-let mortgage and then reverting to the residential mortgage when you return.

Considerations When Seeking Consent To Let

Some of the factors lenders consider when deciding to grant your consent to let request include:

Income

A minimum income may be necessary to get permission to let. Some lenders will not consent to let if you’re not earning above a certain amount.

They may also require that the rental income from the property can easily cover the cost of mortgage repayments.

Equity

The lender may require that you have a certain amount of equity in your property.

Equity is how much of the property you own outright or simply how much cash you would be left with if you sold your house and paid off the mortgage.

A lender may require that you build up a decent amount of equity, like 25% of the house value, before granting consent to let.

Mortgage Length

Some lenders won’t grant consent to let unless you’ve been with them for a while.

It may be challenging to get consent to let if you’ve held your current mortgage for less than six months, with some lenders setting a minimum mortgage length of 12 months.

Shared Ownership or Help to Buy

Getting consent to let can be harder if you’re on a shared ownership or Help to Buy mortgage.

The schemes usually have strict criteria for letting the property and may even require that the government loan or shared ownership is paid off before converting to other mortgage types.

Cost of Renting Out Your House On A Normal Mortgage

Although some lenders can grant you consent to let with no additional charge and keep the terms of your original deal the same, most will set a charge for the permission.

It can be an admin or a fixed fee, or you may have to pay higher interest rates.

You must also consider other landlord costs, including energy performance and gas safety certificates and ensure your property meets fire safety regulations.

It’s wise to ensure that your rental income can cover all the costs plus your mortgage repayments.

Check Today's Best Rates >

Must I Tell My Lender I’m Renting Out My House?

Yes. If you let out your house without the proper consent from your mortgage lender, you’ll be breaching the terms of your mortgage contract.

Living in the property is usually part of the mortgage conditions if you purchase a house on a residential mortgage.

Occupying it personally presents less risk than using it as an investment property or renting it out.

As a result, most owner-occupied mortgages require a lower down payment, offer lower interest rates and are easier to qualify for.

You may be accused of occupancy or mortgage fraud if you don’t tell the lender you’re renting out the property, which can have serious consequences.

The lender can demand immediate repayment of the entire loan or repossess the property. Although it doesn’t often happen, the lender would be within their rights to do so.

Most lenders settle on a change in terms with financial penalties like additional interest on top of the current one, regular additional payments or backdated payments on extra interest demanded for the period you were letting.

The consequences are not worth the risk, so it’s better to inform the lender and seek consent, and even if they refuse, you can simply switch to a buy-to-let mortgage.

Switch To A Buy To Let Mortgage To Rent Out Your House

If you don’t get permission or want to be a permanent landlord, you can switch to a buy-to-let deal with your current provider or remortgage onto a new deal with a different lender.

It will allow you to rent out your house for as long as you want, but it usually requires extra checks and assessments to ensure you can afford the buy-to-let mortgage.

In addition to assessing your affordability, lenders will require that the future rental income is at least 125% of the mortgage payments before agreeing to switch.

Check Today's Best Rates >

Can I Rent My House Out On A Normal Mortgage? Final Thoughts

You’ll need to inform your mortgage provider and get consent to let if you want to rent your house out on a normal mortgage.

You can be liable for mortgage fraud if you don’t get permission.

Call us today on 03330 90 60 30 or contact us. One of our advisors can talk through all of your options with you.

A holiday home is an excellent investment that can give you significant returns when you’re not using it.

Regular mortgages aren’t suitable for holiday homes, so if you’re looking to buy a home you can rent out throughout the year or during holidays, you’ll need a holiday let mortgage.

Arranging one yourself can be challenging, and it’s wise to work with holiday let mortgage brokers to find the best deals.

Here’s everything you need to know about holiday let mortgages and why you should work with a broker.

What Is A Holiday Let Mortgage?

Holiday let mortgages are specific loans designed to help you buy a property you can let out to visitors and tourists on a short-term basis.

They’re purely for long-term lettings and not for you to live in. If you want a holiday home to stay in and not let, a second home mortgage is more suitable.

Holiday let properties give you the opportunity for business and pleasure since you can still enjoy short visits.

The property must be advertised as furnished accommodation and be available as holiday accommodation at least 210 days a year.

You can stay in the home outside the 210 days when it must be open to the public.

Like regular mortgages, you can get a holiday let mortgage on a repayment or interest-only basis.

The investment allows you to generate enough rental income to repay the mortgage and make profits every month.

You can also use the revenue to improve and maintain the holiday home.

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Can You Use A But To Let Mortgage For Holiday Lets?

No. Buy-to-let properties differ from holiday homes, and lenders are very aware of the differences, so they offer different mortgages for each.

Buy-to-let properties are usually let out long-term, and the shortest tenancy can be six months. In contrast, holiday homes are typically rented for a few weeks or even days.

Although they both charge rental frees, they’re operated entirely differently, and the owners or landlords can have varying responsibilities.

A holiday home is usually furnished and can feature serviced accommodation like a hotel. Holiday homes are also priced higher and are charged per day instead of per month.

The income generated is potentially higher for a holiday home than for a buy-to-let, but the occupancy rate is usually much lower.

Tax Relief On Holiday Lets

Unlike general buy-to-let investments, you’ll get tax benefits when you invest in a holiday let.

Furnished holiday homes are considered a business, allowing you to claim tax relief on your mortgage interest.

Since you’re running a holiday home business, you can deduct expenses from your income and significantly reduce your tax liability.

You can also gain capital gains tax relief for traders by renting out your furnished holiday home, including entrepreneurs’ relief when selling the property.

You’ll also be eligible for allowances for fittings and furniture, and if you make a loss in the business, you can offset it against future profits and pay less tax.

You can make huge savings, and your profits in the holiday let business can also count as earnings for pension purposes.

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Why You Should Work With Holiday Let Mortgage Brokers

The holiday let mortgage lending market is small, and most high street lenders don’t offer mortgages for holiday homes.

They’re usually more challenging to arrange than standard property mortgages because there’s no assured shorthold tenancy, and the rental income cannot be calculated through standard criteria.

You can approach a holiday let mortgage lender personally, but it’s better to use a specialist holiday let mortgage broker because the application process is more complex.

Such brokers have an in-depth understanding and knowledge of the lending criteria, together with expertise on the market and where to find the best deals.

Some lenders only offer holiday let mortgages through intermediaries, meaning they’ll only lend if a broker or advisor has arranged the deal.

Brokers understand the complexities in the market and have a close working relationship with holiday let mortgage lenders.

They can help you navigate any unforeseen issues along the way, keep you up to date with the latest criteria, find the best deals and submit credible applications that increase your chances of securing the best deal for a holiday let mortgage.

Holiday Let Mortgage Lending Criteria

Since there are limited lenders in the market willing to offer holiday let mortgages, pinning down the lending criteria can be challenging, which is why consulting a qualified broker or advisor is essential.

Different lenders can have slightly different rules, but some common things to consider include the following:

Deposit

The deposit you need will be based on the lender’s maximum loan-to-value (LTV) ratio.

Most lenders will set an LTV of 70%, meaning you’ll need a minimum deposit of 30% of the property value.

Some can require a deposit of 35% to 40%, while others accept a 25% deposit in rare cases.

Unlike regular mortgages, deposits for a holiday let mortgage are higher because of the risks involved.

Like any other business, there’s no guarantee of success when letting out a holiday home, and the risk is higher if you only rely on the income from the holiday let to repay the mortgage.

Rental Income

Lenders will request details of your holiday let and expect you to estimate how much you’ll earn in rental income.

This will give lenders an idea of how much you’ll earn from the investment and set applicable rates.

Most lenders require that you achieve a gross rental income of 125% to 145% of the monthly mortgage repayments.

Personal Circumstances

Most holiday let mortgage lenders will require that you own a home and be 21 years of age or older.

They’ll also determine your affordability based on your income and outgoings.

Significant existing outgoings can make approval difficult even if you have a sizeable income because they’ll affect your mortgage affordability.

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Holiday Let Mortgage Brokers Final Thoughts

The holiday let mortgage market is a niche area that requires specialist expertise and knowledge to navigate.

Working with a holiday let mortgage broker can ensure you get the proper guidance and advice, give you access to a fair deal and make the process as stress-free as possible.

Call us today on 03330 90 60 30 or contact us. One of our advisors can talk through all of your options with you.

Many people choose to subdivide their houses into flats because of the lucrative opportunity it offers and the potential to secure a steady monthly rent.

In fact, the demand for flats is especially high in London, and property owners can make the most out of the income they receive from the flat rentals and their profits when selling the properties.

If you don’t know where and how to start, keep reading!

We detail all the basics of converting your house into flats in the UK.

Carry Out Property Market Research

Before you renovate an existing property into flats for multiple occupants, you must ensure there will be a market for your new rental units.

There is no better way to guarantee a successful renovation project than by researching the rental market in your chosen area to ensure that you’re creating something that will actually be in demand.

The real estate market is constantly shifting and changing, so it’s important to research and consider all your options to get the best return on your investment.

When considering converting your home into flats for rental, be sure to do thorough research into local neighbourhoods and properties.

Pay special attention to the more popular areas with higher demand: these neighbourhoods will generally command higher prices and attract more qualified renters.

It’s always best to take proactive steps to ensure you gain the best return on investment (ROI) possible.

Do your homework to find out if anyone is buying the type of property you want to purchase.

If three-bedroom properties are slow to sell in your area compared to smaller property types, conversion may be the better choice.

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Consider the Implications Around Planning

After finding the perfect house and the right area, you’ll need to contact the local planning authority.

You’ll need planning permission to make this conversion, and once you’ve received the go-ahead, you’ll need to apply for Building Regulations.

Before you buy your intended house, intending to split it into a flat, find out if the local planning department has any rules or regulations that could affect its resale value.

For example, certain neighbourhoods have additional rules to follow typical regulations, such as the minimum size of flats, the number and position of entrance doors, insulation for energy efficiency and comfort, soundproofing between adjoining flats, fire safety and so on.

Another key factor might be the availability and access to parking.

Before beginning any renovation project, contact the local building control authority.

You will also need to consult a solicitor to see if legal restrictions could prevent your renovations from going ahead.

If you are taking out a mortgage to buy the home, your bank must also be involved in your plans.

Some banks are more accommodating to landlords with loans designed to help with development projects, while others are not.

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You have done the research and confirmed a high demand for apartments in the area.

You have also made sure that your plans comply with all the regulations.

An estate agent has also help you determine whether the property is a good candidate for flat conversions.

A good relationship with an estate agent is the best way to go when it comes to attracting high-quality tenants.

As you plan your strategy, keep these considerations in mind:

• Size of the flat.
• Big ticket items.
• Flat layout design.
• Ease of access (each flat must have a private entrance).
• Services offered for each flat.

The Impact on Your Tax

Converting your house into apartments will impact your taxation.

Make sure you check your taxes carefully. If you plan to sell the apartment, your profits will be taxed.

You can claim the Private Residence Exemption as things stand, but this may change.

Converting a property into multiple units can be a great way to make money. But, before doing so, it is important to understand the tax implications.

Tax authorities will take into account the cost of buying the property and the money spent making conversions.

Therefore, it is important to get good tax advice, as you could be liable to pay income tax and, in some cases, capital gains tax.

The Overall Costs of a Project

The costs of converting a property will vary significantly from project to project.

The size and layout of the property, the design, the condition, the number of rooms, and the type of heating will all impact the final price.

However, as a very rough estimate, you can expect to pay £25,000 for a basic conversion, which includes building the walls, installing the bathrooms, and adding the central heating.

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You will also need to contact the utility companies, as each flat will require gas, electricity and water meters dedicated to just that unit.

You should budget for the following:

• Planning approval costs.
• Provision of new water, electric and gas meters.
• Noise pollution tests.
• Building regulation approval costs.
• The installation of new kitchens and bathrooms.
• Installation of entrances.
• Décor and cosmetic improvements of new flats.

Financing of the Conversion

You can fund your conversion project in several ways as follows:

• Development finance – this is usually required when extensive work is needed to convert the property. You can loan up to 65% of the property’s value and 100% of the construction work.
• Bridging finance – these are short-term loans usually paid back over 1 year. These loans usually provide up to 75% of the property value.
• Buy to Let mortgages are great for simple conversions where the owner will not stay in the property at the end.

Converting a House into Flats Last Word

Converting a house into flats may be a highly lucrative step for you, but make sure that you consult with a reputable and reliable mortgage broker before taking the plunge.

It’s best to be informed before taking such a big financial step.

With recent tax changes, more and more landlords in the UK are buying properties through limited buy-to-let companies rather than ‘as individuals.’

But is it the best option for you?

Mortgaging your property through a limited company can be beneficial whether you’re buying your first investment property or are an established landlord looking to add to your portfolio.

This guide explores the pros and cons of buying property through limited companies and how you can easily set up a limited company.

What Is A Limited Company Buy To Let Mortgage?

Buy to let limited company mortgages, also called special purpose vehicle (SPV) mortgages, allow you to take out mortgages on properties through a limited company rather than in your name.

The legal structure of limited companies separates the responsibilities of business owners and the business itself.

When incorporated, a limited company becomes a legal entity with debts and assets.

The main benefit of purchasing a buy to let property this way is tax-related.

You also get a safety net of limited liability when things go wrong, and you can share property ownership.

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Pros Of Buying A Buy To Let Property Through A Limited Company

Tax Benefits

When you buy property as an individual, you’re liable to pay income tax on your rental income.

The tax authority of the UK government views the money you receive for rent as personal income.

The rental income is added to your personal income, pushing you over a new income tax band threshold that makes you liable to higher taxes.

You’re not taxed according to personal income tax rates when you purchase your buy to let property as a limited company.

You’ll be subject to corporation tax rather than income tax, enabling you to pay less tax. The current rate stands at 19% for the 2021-22 tax year, and there are no higher tiers like income tax.

Claim Back Your Expenses

Landlords used to pay less on their rental income before 2017 by claiming tax reliefs that allowed them to subtract certain costs from the income first, like the cost of their mortgage interest.

Higher-rate taxpayers could offset their interest as a tax expense and avoid paying up to 45% tax on the value of their annual interest. However, things have changed.

As of April 2020, you must pay tax on your rental income straight away without deducting any costs.

After that, you can only claim back the equivalent of 20% of your mortgage interest cost.

However, these changes will not affect you if you own a buy to let property through a limited company.

You can still deduct such expenses from the income of a limited company as business expenses, and it can help reduce the amount you’re taxed.

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Plan For The Future Easily

It’s essential to think about the future when investing in a buy to let property, including what you plan to do with it in later life.

It’s easier to transfer ownership of your rental properties through a limited company.

It’s simpler and more tax-efficient to transfer ownership of the limited company instead of passing on privately held property.

The property remains in the ownership of the limited company, and only the company’s directorship changes hands.

As a result, you protect the transaction from being subject to Stamp Duty, Capital Gains Tax and Inheritance Tax.

It’s a suitable plan if you plan to pass a buy to let property to family members in the future.

Protect Your Earnings And Assets

You’re not making a capital gain if you sell any buy to let property you own through a limited company.

Your business is making a profit. You’re protected from tax liabilities when you retain profits within the company, helping you keep more of your earnings.

Limited companies provide limited liabilities if anything goes wrong with the new property investment.

If it becomes difficult to pay your mortgages, your other assets remain protected from the lenders as long as you hold them outside the company’s investments.

However, it doesn’t absolve you from any personal guarantees often required by mortgage lenders.

Cons Of Buying A Buy To Let Property Through A Limited Company

Additional Costs

You’ll face some new costs in running a company when you set up a limited company and use it to purchase a property. You’ll need funds for:

• Corporation tax.
• Preparing and filing annual accounts at Companies House.
• Keeping accurate financial records throughout the year.
• Accountancy fees or annual auditing, if required.
• Legal fees.

No Capital Gains Tax Allowance

Individuals who sell buy to let properties get a Capital Gains Tax allowance of £12,300 for the 2021-22 tax year.

If you receive any profits from selling a buy to let property as an individual, you’ll not be taxed on the first £12,300.

However, it doesn’t apply to limited companies. Limited companies are subject to Corporation Tax from profits in the business, and you’ll pay tax on the entirety of the profit.

Increased Mortgage Rates

Many lenders charge higher interest rates for the privilege of taking out a mortgage through a limited company.

You’ll have fewer choices in lenders and mortgage availability since lending money to companies is riskier than individuals because of the limited liability.

Setting Up A Limited Company For Property Purchases

Setting up a limited company is easier than you might expect. Simply register online with Companies House for as little as £12.

Important things you’ll need when registering a limited company include:

• Company name and address.
• Directors and shareholders.
• Definition of business activity like buying and selling own real estate or managing real estate.

Always consult qualified accountants or tax advisers about the type of company you’re creating and whether it should be a special purpose vehicle.

Don’t forget to register for Corporation Tax within three months and set up a business bank account.

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Final Thoughts

Whether you should purchase a buy to let as an individual or a limited company will ultimately depend on your circumstances and what you’re looking to get out of a buy to let.

Every situation is unique so ensure you consult qualified financial advisers, accountants or solicitors to help make the best decision for you.

Call us today on 03330 90 60 30 or contact us. One of our advisors can talk through all of your options with you.

As a new landlord, you must register for self-assessment with Her Majesty’s Revenue Commission (HMRC) and file a tax return.

Before you start, it’s worth understanding the rental income tax and landlord taxes rules.

This guide will explore why you pay rental income tax and landlord taxes, pay rates, allowable expenses, and tax relief considerations.

Why You Pay Tax On Rental Income

Becoming a landlord on a buy-to-let property counts as running a business.

The rental income you receive from tenants is an ongoing source of income, and you’ll pay tax like any other monthly earning.

It’s sometimes called property income tax, landlord income tax, or buy to let income tax.

You’ll pay tax on your net rental income as a landlord, which is the profit you make from your rental property.

You can calculate it by adding rental income from your properties and subtracting any rental income tax relief, allowances, or allowable expenses.

Rental income can include money for:

• Rent.
• Heating.
• Repairs.
• Furniture usage.
• Cleaning of communal areas.
• Hot water.

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Rental Income Tax Rates In The UK

The tax amount you pay will depend on your profit and how much income you receive from other sources like your job or pension.

The taxation thresholds and bands for rental income are the same as those for other forms of income like personal income.

However, you may push your usual tax threshold into a new, higher tax band when you add your rental income into any other income you receive.

You need to be careful and precise when calculating your income to determine how much tax is due.

You can expect the following income tax rates:

• You’ll pay 0% in tax if your income is less than the basic rate threshold of £12,570.
• You’ll pay 20% in tax if your income is above £12,570 but below the higher rate threshold of £50,270.
• You’ll pay 40% tax if your income is above £50,270 but below the additional threshold of £150,000.
• You’ll pay 45% tax if your income is above the additional rate threshold of £150,000.

Calculating Your Income Tax Band
To figure out your income tax band:

• Determine your annual salary if you earn one, including bonuses or overtime, and don’t deduct the personal allowance of £12,570.
• Deduct any allowable expenses or property allowance from the total rental income to get the net rental income.
• Add your salary, net rental income, and other net income to get the marginal income tax band.

For example, let’s assume you earn a £40,000 salary, receive £20,000 in rental income, and incur deductible expenses of £5,000.

Your net rental income is £20,000 – £5,000 = £15,000.

When you add your net rental income to your salary, you get your income tax band; £15,000 + £40,000 = £55,000.

Therefore, you fall within the higher tax band.

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When Should You report Rental Property Income?

If your total rental income is over £10,000 before expenses or £2,500 after expenses, you’ll need to file a tax return.

You should contact HMRC if your rental income is less than £2,500, as they may collect your payment through PAYE.

Landlord Tax Returns

HMRC uses self-assessment tax returns to collect income tax if you receive income from sources other than your salary, like income from rent.

The tax year runs from 6^th April to 5^th April the following year, and the deadlines for paying tax are the same as filing your tax return.

Ensure you keep any receipts from work done on your property to claim any expenses when completing a tax return.

Completing The Self-Assessment As A Landlord

Landlords can complete self-assessments in two ways:

• Fill Out The Tax Return Yourself

You can choose to fill out the tax return yourself and eliminate any accountant costs.

You can’t avoid landlord taxes even if you file the returns yourself so ensure you’re honest and thorough when completing your self-assessment.

• Employ An Accountant To Self-Assess On Your Behalf

If you don’t know how to file rental income on your taxes or you don’t feel confident filing your tax returns, you can benefit from engaging an accountant.

They can also help if your tax affairs are complex, where you may have more than one property, additional income sources, or rent out your property through a limited company.

It’s advisable to get an accountant with property taxation experience.

They’ll know how rental is taxed and the rules about taxation on rental income, the expenses you can claim, and the receipts you should keep.

Allowable Expenses And Tax Relief

Property Allowance

Property allowance is the first £1,000 you receive in rent from your tenants and its tax-free rental income.

If you’re a landlord who earns less than £1,000, you’ll receive total tax relief on your rental income and don’t have to worry about calculating expenses and reporting them to the HMRC.

Deductible Expenses

Claiming tax relief on expenses of renting out property can help you reduce your tax bill.

They’re the costs you incur when running the tenancy, and they’re expenses that you, not the tenant, pay for.

They include:

• Management and letting agent fees.
• Accountant fees.
• General maintenance and necessary repairs.
• Landlord insurance on buildings, contents, and public liability.
• Ground rent and service charges.
• Direct costs like stationery, business calls, and advertisements.
• Legal fees.

Landlords could previously claim the interest on their mortgage, and it was beneficial for higher rate taxpayers.

However, with new rules that came into effect in April 2020, you can no longer make this claim.

Instead, you receive a tax credit based on 20% of your mortgage interest payments.

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Final Thoughts

Be wary of tips on avoiding rental income tax and landlord taxes as they’re usually very risky and unreliable.

Becoming a landlord can be very lucrative, but it can be intimidating because you pay taxes specifically.

It’s better to stay aware of the tax allowances that suit your circumstances and discuss tax efficiencies with a qualified accountant.

Call us today on 03330 90 60 30 or contact us. One of our advisors can talk through all of your options with you.

You’ll need a deposit for a second property mortgage when you’re in the market for a second home.

Most lenders will see you as a lesser risk and more valuable borrower since you already have one property under your belt.

However, a second home deposit will usually be higher than a first property mortgage because having more than one mortgage increases the risks involved. Read on for expert advice on the deposit required for a second home.

How Much Deposit Do I need for a Second Home Mortgage?

The amount of deposit you’ll need for a second home will vary depending on the lender and your circumstances.

While some will only consider the amount you can put up as a deposit, others will consider the amount of equity you have in your current home or both.

Other factors that can influence the amount of deposit you need include:

• Your creditworthiness.
• How you’ve handled your existing mortgage.
• The mortgage type.
• Lenders will consider your income and expenditure when calculating affordability.
• The type of property you’re eyeing and whether it’s standard or non-standard.

A 20% deposit is usually the standard for attractive mortgages with attractive rates and terms.

Most lenders will only offer deals with 80% loan to value (LTV) for second mortgages.

You may need a higher deposit depending on the type of property.

You’ll require a higher deposit if the lender considers the property a higher risk. If the property is a higher risk, they may set restrictions to 85%, 80%, 75%, or 70% LTV.

Need more information? Read our related quick help guides: 

• Portfolio mortgages.
• Converting residential mortgages to buy to let.
• Buy to let remortgages.
• Buy to let mortgages with bad credit.
• Buy to let guide.
• Can I buy a house and rent it to a family member? 

Can I Get a Second Mortgage with a 10% Deposit?

Theoretically, it’s possible to get a second home mortgage with a 90% LTV, requiring a 10% deposit. However, it’s tough. Your choice of lenders will be limited since most cap the loan to value they can accept at 80% or 75%.

Some lenders can stretch up to 85% under the right circumstances, while a minority can reach 90% and up. Having significant equity in your first property and meeting all the lenders’ affordability and eligibility criteria requirements can increase your chances of getting a higher loan to value ratio.

However, higher LTVs for second mortgages will usually attract higher interest rates, translating to a higher repayment. A higher deposit amount is more suitable, and the deal gets better every time you go higher by 5%, so aim for 15% to 20% deposit milestones or higher.

Using Equity as a Deposit for a Second Home

You can also remortgage your first property t0 get the funds needed for a deposit for your second home. You can release the equity you hold in your first property and use the funds to finance the deposit necessary for a second home mortgage.

A second charge is another option to consider if you don’t want to remortgage your first home. It’s usually a better solution if you’re looking to release the highest amount of equity possible.

You must meet the requirements and eligibility criteria of the lender and ensure you have enough equity in your home whether you choose to remortgage or take out a second charge. It’s wise to consult a qualified advisor in any of these cases because it involves having more than one mortgage at the same time.

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How Affordability Influences Deposit

Affordability is vital when you apply for a second mortgage, and it’s usually calculated by considering your monthly income and expenditure. Lenders are generally willing to advance you up to four or five times your income.

The maximum amount a lender can offer can also be based on assessing your outgoings, including how much you’re paying on your current mortgage and other obligations like credit card debt and loan payments. Such assessments provide a clear picture of how much disposable income you have.

For example, if you can get a £150,000 mortgage but the property you’re eyeing is going for £200,000, then you’ll need to come up with a £50,000 deposit. It would translate to an 80% LTV mortgage, which requires a 20% deposit.

A different lender may even advance a lower amount depending on the LTV ratio they accept, meaning you’ll need a higher deposit. It’s recommended that you shop around to get the best deal with the highest savings.

Affordability is easier when you’re looking to purchase a buy to let property that can generate rental income. Your affordability improves with the potential rental income that you can use to repay the second mortgage.

How Will Bad Credit Affect Deposit?

Your credit score impacts your eligibility when applying for any type of credit. Although it’s not a deal-breaker, a bad credit score will affect how much interest rate is available for you and the amount of deposit you’ll need for a second mortgage.

Some lenders may decline you if you have severe credit issues like bankruptcy or a CCJ, while others may be more welcoming. It’s worth consulting mortgage advisors and brokers who have access to the whole market and can connect you with mortgage lenders who specialise in helping bad credit borrowers.

You’ll likely need to come up with a higher deposit than usual if you have a bad credit score. You can still get a good deal depending on when the credit issue occurred, your current financial situation and the LTV on your current property.

To ensure you get the best possible deal and don’t get too many rejections, ensure you get professional advice before making your application.

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How the Property Type Affects Deposit

You’ll fund different policies among lenders depending on the property type. Specific residential categories usually present more challenges than others when buying a second home.

Lenders may need you to provide a higher deposit based on the property you’re buying. The higher the risk the lender considers the property to be, the higher the deposit needed.

For example, you may face certain restrictions if you need a second mortgage for new build homes. The lender may require a certain deposit amount or have particular builders or construction firms they prefer to work with.

You may also face additional challenges in your second mortgage application if the property involves non-standard construction like:

• Above commercial properties.
• Ex local authority
• Homes with unusual construction like concrete pre-fabs or thatched roofs
• Very high-rise apartments or studio flats
• Use of hazardous materials like asbestos in construction

It may be hard to access the most affordable second mortgage deals with such properties, translating to a higher deposit or interest rate.

Can I Get a Second Mortgage with Zero Deposit?

Most lenders will be reluctant to provide a zero deposit or 100% LTV mortgage of any kind because of the levels of risk involved. However, it’s not impossible under the right circumstances.

You can get a second mortgage with no deposit by incorporating a guarantor in your application. The guarantor can be a responsible person in your life, like a friend or family member with a good credit score and stable finances.

When you incorporate a guarantor, they also become responsible for repaying the loan. They effectively agree to repay when you default or are unable to make repayments, effectively guaranteeing the mortgage and reducing the risk for the lender.

The guarantor may be required to put up their property as security or deposit a lump sum into an account held by the lender. The deposit can only be withdrawn after a certain amount of the mortgage has been paid off.

Deposit Required for a Second Home Final Thoughts

Putting a mortgage deposit can be challenging, especially if you’re already repaying another mortgage.

Therefore, it’s wise to ensure you get the best deal possible that can save you money, and you can do this by consulting with expert mortgage advisors and brokers.

Call us today on 03330 90 60 30 or feel free to contact us. One of our advisors will be happy to talk through all of your options with you.