Building Funds for Your Future
Buy to let can be a great way to boost your finances and secure a comfortable retirement. A buy to let mortgage is a loan, secured against the property, which is specifically designed for investors who intend to let the property out. An increasing number of mortgage providers are offering buy to let loans but eligibility, lending criteria, conditions and costs vary greatly throughout the market. Whether you are an experienced landlord or about to embark on your first buy to let property venture, AIMS will offer you the best possible buy to let mortgage advice, unravelling the complexities surrounding buy to let mortgages to help you get the best deal and so get the most from your investment. Also, if you already have a buy to let property or portfolio, we can advise on your re-mortgage options to lower your interest payments or raise capital for your further investment plans.
Recently, there have been some changes in the buy to let market with tax changes coming into force surrounding the deduction of mortgage interest and the increased rate of stamp duty on second properties. These changes, coupled with new rules surrounding professional landlords, (defined as those with 4 or more mortgaged buy to let properties) have created tougher criteria for borrowers on rental coverage and affordability. This has made it harder to obtain buy to let finance, therefore it is essential that you receive the correct advice before making any decisions.
To qualify for a buy to let mortgage, you will need to meet certain criteria. You will be required to place a deposit of usually around 25% of the property’s value. In addition to this, the rental income you can achieve from the property must be greater than your mortgage and interest repayments to ensure that you will be able to make your repayments, especially if the property is unavoidably empty for a while. The lender will also want to establish that the property you have chosen is a sound long-term investment in a fast-moving financial market where interest rates are constantly changing.
We have designed our service to make it easier to find the right mortgage for your specific requirements. We have access to exclusive rates which are not available in the high street and AIMS can advise on various ways of structuring your property purchase or refinance that may make it more tax efficient. We can also refer you to a chartered tax accountant if more detailed advice is required.
Stamp Duty table for buy to let property:
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST FORMS OF COMMERCIAL MORTGAGE AND MOST FORMS OF BUY TO LET MORTGAGE.
We offer a comprehensive range of mortgage products from across the market. We offer both first and second charge mortgages, but not deals that you can only obtain by going direct to a lender.
For those seeking to increase their existing borrowing, alternative finance options may be available and more appropriate for your needs. For examples, a further advance from your existing lender or an unsecured loan (e.g. a personal loan). For those seeking a ‘Retirement Interest Only Mortgage’, a ‘Lifetime Mortgage’ may be available and more appropriate for your needs.
Principal: Peter Varney
Aldershot Independent Mortgage Service (Aims) is a trading style of Peter Dane Varney which is an appointed representative of TenetLime Limited, which is authorised and regulated by the Financial Conduct Authority. TenetLime Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 311266.
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.