Buy To Let Mortgages – HMO – Property Investment Loans

 

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    If you are looking to purchase your first buy to let property or to expand an existing portfolio,  The Aftersales Network is here to help.

    You will need to earn a minimum income to apply for a Buy to Let mortgage. The principal customer must earn and be able to evidence a minimum gross annual income of £20,000

    Mortgages of £25,001 to £2m (subject to product availability) on an individual property, over a term of 5 to 30 years. You can borrow on an unlimited number of Buy to Let properties

     

    Top Slicing

    What is Top-Slicing for Buy To Let – Property Investment Loans?

    In very basic terms, top-slicing is where the lender uses the borrower’s personal income to top up any shortfall in rent which is needed for the borrower to obtain the loan amount they require.

    A number of our panel lenders are now allowing landlords to be able to use surplus portfolio income or earned income to demonstrate that they could meet any financial stresses on their new property application, rather than through the rental income of that property alone.

     

    The Aftersales Network is pleased to advise that it has access to lenders offering buy to let mortgages for Houses in Multiple Occupation (HMOs) Houses in Multiple Occupation are subject to licensing and additional regulations.

    Accordingly, most buy to let lenders shy away from offering mortgages on HMO’s as they can be much harder to sell in comparison to other residential properties.

    Buy to let funding for limited company borrowers can be difficult to find, however, The Aftersales Network has access to lenders offering buy to let mortgages for limited companies

    Buy to let funding for offshore limited companies are also available. In the majority of cases offshore investors will normally set up a special purpose property investment limited company (SPV) in which to purchase residential property.

    One big advantage of Buy to Let mortgages is that lenders look at future rental income when deciding how much to lend you. Lenders will want to know what your salary is, but it isn’t the most important consideration. 

    This means that if you’re on a low income, you may be able to borrow more on a Buy to Let mortgage than on a regular residential mortgage. 

    Most lenders will require monthly rental income (rental cover) to be at least 125% of your monthly mortgage payments

    Current Lending Criteria

     

    Maximum numbers: Individuals – up to 6 applicants
    Companies – up to 6 directors
    Minimum age: 21 years
    Maximum age: 85 years at end of mortgage term
    Minimum income: Minimum £20,000 (Applicants must have a verifiable income source.)
    Affordability: Individual product criteria for respective lender will apply
    Employment / self-employment: Employed – minimum 12 months history (last 3 in same occupation)
    Self employed – minimum trading period 2 years
    Income verification: Employed – P60 and last 3 months payslips (or employers reference)
    Self employed – SA302 or certified accounts covering the last 2 years
    Retired – in receipt of personal / company pension income
    Other income – Income from second jobs, trust funds, occupational pension schemes, investment and rental income will be considered.
    State benefits are not acceptable
    Residency: All applicants must be UK or EU nationals and have been continuously resident in the UK for the last 2 years and also have a non-conditional right to reside.Ex-pats will be considered. They must have been resident in the UK within the last five years.

     

    Tenancy: 6 month or 12 month Assured Shorthold Tenancy (AST) required
    Location: England or Wales (including the Isle of Wight and Anglesey)
    Valuation: Minimum property value £50,000
    Bank panel valuers – Each lender will have their own panel of lenders
    Tenure: Freehold or leasehold (40 years at end of mortgage term)
    Buy to let maximum exposure and experience: No maximum number of buy to let properties
    First time landlords considered

     

    YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

    The Aftersales Network has an extensive range of Buy To Let and Specialist Property Investment solutions.

    Please contact us and we will be happy to discuss your specific requirements and options in more detail.

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