Where to Start
When you have found a property that you are looking to purchase, you should meet with a Jigsaw Money Adviser to see how much you are able to borrow. Securing a buy to let mortgage is not as straight forward as a residential mortgage as the loan amount is determined by the rental income that you will receive from the property.
You also need to determine what kind of buy to let mortgage you require. There are 3 types of buy to let mortgage; consumer, commercial and limited company.
A consumer buy to let mortgage are classed as ‘accidental landlords’. For example, someone who has inherited a property and decided to rent this out is classed as an ‘accidental landlord’.
A commercial buy to let mortgage are for people who are looking to invest in property to generate an income for business purposes.
A limited company buy to let mortgages are for people who are looking to purchase properties through their limited company
There have been a few changes to the buy to let market regarding changes to taxation and increase in stamp duty. Because of all these changes, we do recommend that you speak with an accountant or tax planner before investing in property.
I already own a buy to let, can you help me re-mortgage this?
We understand that buy to let mortgages are getting far more difficult to arrange due to all the changes that have come in to affect. This is why our expert advisers are always up to date on the latest developments within the buy to let market and we do this by making sure that our advisers receive and are aware of information on market changes before they take affect. Because of this our advisers are able to find a mortgage that is suited to you.
Your ready to start your buy to let mortgage application, what do you do now?
To start the process, you will need to arrange a meeting with a Jigsaw Money Adviser. In your meeting you will discuss your requirements in full and your adviser will research the whole market to find the mortgage that meets all of your requirements.
Once the right mortgage has been found, your Jigsaw Adviser will submit your mortgage application. They will deal directly with the mortgage lender to make sure that all of their questions are answered and all their requirements are satisfied, while making sure you are updated every step of the way.
To discuss your buy to let mortgage requirements, contact us today!