With the recent changes in taxation and interest relief as a Private or Incorporated Landlord it is vital to ensure you have the right mortgage for your property portfolio. You must consider potential interest rate rises, periods when a tenant may fail to pay the rent and the effect that will have on your ability to maintain mortgage payments.
As a direct result of the taxation changes and regulations from the PRA mortgage lenders are tightening their affordability criteria. This means that the amount you may be able to borrow could reduce.
Traditional ‘Building Society’ or ‘High Street’ lenders can be restrictive on the number of properties that they will allow you to own, even if they are mortgaged to a different lender. Some will not lend to a Limited Company and some will not allow HMO’s. Larger portfolios require a more specialist lender than a couple of properties that are let out on a standard Assured Shorthold Tenancy.
You will also need to be a more experienced Landlord to get the best rates.
If you are considering moving your properties from personal ownership to a Limited Company the first action you must take is to seek advice from an Accountant that is experienced in property. We cannot provide that advise to you but will work with you and your Accountant to find the best solution for you and your portfolio.
This is where working with BlueStorm to search the whole of the market can help you get the right mortgage.
With our whole of market position, from High Street Clearing Banks through to the specialist lenders, we can put together the package that is right for your investment properties. By following our proven procedure, we will be able to provide you with a comparison of the best rates and terms so you can make an informed decision that best matches your mortgage needs.
Because we are independent, using BlueStorm to negotiate your mortgage requirements with the whole of the market not only might we save you money but also time. Leaving you to do what you do best…..manage your properties.
If you would like to have an initial discussion about your requirements just click here.