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From a tax perspective, the Inland Revenue regard buy to let income as a business like any other and the same tax rules and regulations apply. However, in certain areas tax benefits may be applicable also owners have the ability to re-mortgage and release equity from their properties and use it as a deposit on new properties whilst gaining tax benefits.
Please give us a call to discuss your needs.
Let to buy is very similar to buy to let. The main
difference is that instead of buying a house to rent to a tenant you are actually buying a house to live in and renting out your current residence.
Right to buy schemes have been around for a number of years now. They are for people who have been given the right to buy their council home. The price you pay for your home is dependant upon how long you have been living, i.e. renting, in the property. Most lenders will allow you to buy the house for the council selling price there are, however, a number of specialist lenders who will also allow you to borrow the equity from the discount the council are giving.
Offset mortgages set your savings and current account balance against your borrowing. This helps to reduce your interest payments and get your mortgage paid off quicker. Offset mortgages also allow you the
flexibility of withdrawing your money from the mortgage account without any penalty and also adding money to the mortgage account without penalty. You can also have an offset mortgage without using your savings or current account and this will still allow you to have the same facilities such as underpayments, overpayments, payment holidays and ease of access to the equity in your home.
Very often first time buyers find it difficult to get
together a deposit. There were many lenders in recent years who provided 100% mortgages, some even up to 125%.
In the main these mortgage types are not generally available now due to the
changes in the economy. However as the economic conditions improve it is
expected that the loan to value percentages will increase as lenders become
more confident. Lenders also often offer a range of incentives such as cashbacks for legal fees, or they offer to pay the
valuation fees.
Please Note
1) Your home or Buy to Let property may be repossessed if you do not keep up repayments on your mortgage.
2) Right to Buy -
The overall cost for comparison is 9.3% APR. The actual rate available will
depend upon your circumstances. Ask for a personalised illustration.
3) Some of our services are not regulated by the Financial Services Authority - an additional fee may be payable for these services.
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