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If you are looking at enquiring about potential Buy to Let Mortgage Advice, look no further. We have a team of expert Mortgage Advisors in Leicester who are here to help.
Whether you’re thinking about taking your first step towards becoming a landlord or have done this before and need someone to take the bulk of the process off your shoulders, we have a lot of knowledge and experience with Buy to Let mortgages.
As a Mortgage Broker in Leicester, we work very hard to ensure we are helping our customers as best as we can. Throughout our tenure we have helped a variety of different property investors to secure some incredible buy to let mortgage deals.
Our fast & friendly mortgage advice team will be able to search through 1000s of mortgage products for you, in order to try and find you the most appropriate mortgage deal for your financial situation and the property in question.
Some landlords take the route of purchasing their new buy to let properties through a limited company that they own (this can be known as a Special Purpose Vehicle, sometimes shortened to SPV).
Our dedicated mortgage advisors in Leicester have a lot of useful knowledge on this type of purchase, and will be happy to discuss the mortgage paths available to you.
If you are thinking about comparisons on the taxation benefits, then you should look around for an experienced tax advisor to speak to, as they will be able to give you the appropriate advice regarding this topic.
Though we usually tend to help with standard residential buy to let mortgages in Leicester, we do actually have the ability to help with HMOs (House of Multiple Occupancy) and any holiday let enquiries too, so if you are in need of mortgage advice for one of those, please feel free to contact us and get book in for your free mortgage appointment.
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The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.
During our time working in the industry as a mortgage broker in Leicester, we worked alongside a large amount of landlords, helping a vast majority of them to secure mortgages for the properties they are looking to invest in.
Whether you’re looking to obtain a mortgage for a standard buy to let, for a holiday home let, or for a HMO property, our dedicated team of mortgage advisors in Leicester will be on hand to take a look at your circumstances and see what mortgage deal is best suited for you.
Here are a selection of the common buy to let mortgage scenarios we often come across:
The buy to let option that we come across most frequently is a standard residential buy to let. This type of mortgage is basically what the name suggests, allowing you to obtain a mortgage for a purchase on a residential property, the sort that you would rent out rather than live in yourself.
We find that most buy to let borrowers will probably take out their mortgage as interest-only, as this means they will have lower monthly payments because they are only paying the interest each month. The monthly payments are usually funded through your monthly rental fees to the tenant. You’ll need to pay off the capital in full once your term is finished.
A house in multiple occupancy is a term used when speaking of residential properties that are occupied by multiple tenants and have common shared areas. Student housing is a prime example of this.
Depending on the size of your HMO is, you may have to obtain a license from your local authority. We definitely would recommend speaking to the local authority ahead of the process so that you are well informed of the legal side of this.
HMOs are classified as a very specialist buy to let investment and you’ll find that a lot of lenders won’t have any products available for them. That being said, if you’re looking to take out a mortgage on a HMO property, we do know of a few lenders that are willing to work with them.
Taking on a HMO property tends to bring in higher yields than you would get from a regular buy to let property investment, though you absolutely be mindful of other costs, such as license fees from the local authority and having to maintain the state of the property on a more regular basis.
More often now do we see landlords looking at the paths available to them for purchasing their investment properties by means of a limited company SPV (Special Purpose Vehicle). This occurs more frequently when a landlord has a much larger portfolio of properties and is looking to purchase more.
As a standard rule to follow, you will probably be paying a higher interest rate when taking out a mortgage through your Ltd. Company and you won’t have access to as many options when it comes to choosing a lender that is willing to work with this kind of mortgage.
That being said, the costs involved in doing it this way can be counterbalanced and even possibly outweighed by the potential tax savings. We would always recommend speaking in-depth with an experienced tax advisor to see if this is the right route for you.
Holiday let mortgages are used for landlords, new and existing alike, who are going to be purchasing a property that will have a lot of regular short term tenants over time.
A holiday let is classed as a specialist investment type, so please be aware that not all lenders will have products available to you if that’s the route you’re taking. On a more positive note though, our dedicated mortgage advisors in Leicester also have lots of experience of working with holiday let lending criteria, so we will be able to run through your options with you.
In this section we have taken a look at the most common buy to let investment scenarios that we have encountered in Leicester.
If your situation doesn’t quite match up with something that has been said above, then please feel free to get in touch or book yourself in for a free mortgage appointment with one of our dedicated mortgage advisors in Leicester.
Using our in-depth buy to let mortgage experience of situations we’ve worked on in the past, we will hopefully be able to help you achieve mortgage success. We look forward to working with you on your mortgage.
As hard working, expert Buy to Let Mortgage Advisors in Leicester, we will be on hand and ready to give you support during the whole mortgage process. We have mortgage advisors here to speak with seven days a week, from morning until evening, subject to availability. We will work hard to try and help you over any hurdles that crop up.
Our fast & friendly mortgage advice team at Leicestermoneyman are very familiar with the inner-workings of the buy to let market and have extensive knowledge of it. We work with buy to let landlords on a regular basis, forming relationships with them and sorting out their mortgages or remortgages, reducing their stress as a result.
We always make sure that as a company we are completely up to date with the latest buy to let legislation and lending criteria, allowing us to keep you, the customer, well informed and always in receipt of professional and accurate mortgage advice in Leicester.
Our mortgage administrators and advisors will be here to support you from the first time you get in touch, all the way until your transaction has completed and more. We always strive to give our customers a clear and simple mortgage advice service, keeping the process as stress-free as possible.
To gain a deeper understanding as to why we are used by so many buy to let landlords in Leicester, take a look at our fantastic customer reviews, left by real landlords and more who used our mortgage advice service and were pleased with the outcome they received.
5.00 Rating18 Reviews
Andrea
The service was really good and want to say a big thank you to Leo and Wendy for all there help and guidance 😊
Ryan
Leo who help deal with all of our mortgage was brilliant, professional always there to guide us and explain every step, fully recommend him, We also spoke with Wendy and once again she was very friendly polite and there to help with anything...
Mohit
Really good service by Malcolm and the team. Fast and made sure to understand my needs regarding the mortgage I wanted and to meet them. Would recommend
Nicole
Could not recommend Matt and Megan enough! Being a first time buyer, I did not know what the buying process would entail. Thankfully, Matt and Megan explained everything as we went along. Matt went above and beyond to answer my calls when we...
Liam
Really good service and friendly too
Angela
Very pleased with the the service. Dan was very helpful and explained everything as the process went along in a clear way. All options were looked to see which would be the best option for myself. This made doing the product transfer hassle free.
Anonymous
Buying a home can be a confusing process, especially if you are a first time buyer. Lyndsey and Ryan made the whole process really easy for us, helping us every step of the way ensuring that we were clear at all times. We now have a mortgage...
Darren
Anna was brilliant from first contact to the end of the process was just a few days and I didn’t have any stress at all Will definitely recommend
Chris
Brilliant service from start to finish, we had no idea on the process and every little question has been answered along the way no matter how trivial. We can’t thank Malcolm, Joe and Lyndsey enough for their help throughout this process and...
Matthew
Just want to thank Charlie and Molly for being so helpful, they really helped and reassured us a lot through our mortgage process! They always had time for a chat to us and help me and my partner! Great service!
Oliver
Wayne and Meghan were great and everything was sorted without issue or effort. Great advice and got the product I needed. Great service.
James
I first used UK Moneyman when buying my house in 2017. I returned in 2021 for my remortgage. In both instances I found Malcolm and his team to offer excellent service, making the process clear and simple. He talked me through every step, and...
Gemma
Very helpful and professional
Laura
Very helpful. Reply to emails quickly and clearly. Would definitely recommend
bethany
Very much recommend! BMM are great to work with - efficient, dependable and knowledgeable.
Anonymous
Me and my partner have recently got a mortgage with UK Moneyman and the process was so easy and helpful. I cannot thank Joe and Anna enough for all of their hard work on our case. An excellent experience I will be recommending to anyone I know....
Amanda
I would fully recommend Leicester Moneyman to anyone who is looking for a mortgage. They are a very professional company, they handled my recent re-mortgage very efficiently and promptly. When I am ready to change my mortgage again they will be my...
Anonymous
Great customer service and friendly team
Anonymous
Efficient and informative, great experience so far.
Amreen
Excellent service provided by this team, especially kerry and Tom, they are an asset to the team. Thank you so much for everything.
The minimum required deposit for a buy to let mortgage in Leicester is typically around25% of the property value. This number, however, can vary between 20%-40%.
Your free mortgage consultation in Leicester will last for about one hour. Your advisor will then recommend a mortgage for you and you can decide whether or not you wish to go ahead with it.
As your Mortgage Broker in Leicester, we will carry out a Fact Find to determine your needs prior to recommending a mortgage that is the most appropriate. A credit check is then required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.
We recommend that you obtain an Agreement in Principle ahead of viewing properties in Leicester, to avoid any potential disappointment. At the very latest we believe you should obtain one prior to making an offer to help with your bargaining position
An Agreement in Principle will usually last for between 30 and 90 days depending on the Lender. If your Agreement in Principle expires it can always be refreshed with the assistance of your mortgage advisor.
You may possibly be able to get a second mortgage on your home for debt consolidation or Home Improvements. The usage of a second mortgages extends to using it for yourself, a family member, a holiday home or a Buy to Let in Leicester.
If you have had problems with your credit, you can still get a mortgage, however, you may need to put down a higher deposit than usual, often 15% of the purchase price.
You are able to get a mortgage once you have submitted at least one year’s accounts. Most Lenders use your salary plus dividend to calculate the maximum mortgage amount you can borrow, whereas others go off your net profit.
To prove your income amount, it’s usually the latest three payslips for an employee and the latest 2 years’ accounts for self-employed. On top of this, you will need to produce proof of ID, address and 3 months’ bank statements.
Our free consultation will usually lasts up to an hour or so. Your mortgage advisor can turn around an agreement in principle within 24 hours of this consultation and a formal mortgage offer takes about three weeks on average in Leicester.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
