FAQ
Absolutely! We’ll search over 150 lenders to find the right mortgage for you. We’ll review the current deals from your existing provider, and compare them against offers from other lenders.
If you want to free up cash for home improvement, or you’ve recently received a large lump sum, you can remortgage at any time. We can help you navigate any exit fees or early repayment fees and advise you on your best course of action.
Yes. Some lenders will calculate your eligibility for a mortgage based on your salary, plus net profit, as well as profit before tax. If you don’t take as much as you could in dividends, then we can use your last two years’ signed accounts to find a suitable lender.
Typically it takes around two months from start to finish. We can do it more quickly, but we recommend leaving two months to find the deal that works for you.
Yes, probably. There are a few hoops to jump through first. We’ll need to review the value of your property, and analyse your income and expenditure. So long as the sums stack up, we should be able to raise money from your mortgage for your home improvements.
Yes, if you’re coming to the end of your fixed term rate. If you don’t, then your rate is likely to rise and your monthly payments
will increase.
We will always ask for your last 2 years tax calculations and tax year overviews. If you are a limited company director, we will ask for your last 2 years signed accounts. If you have an accountant we will ask for their contact details.
Yes, if your shareholding in your company is more than 25%.
Yes. Some lenders will calculate your eligibility for a mortgage based on your salary, plus net profit, as well as profit before tax. If you don’t take as much as you could in dividends, then we can use your last two years’ signed accounts to find a suitable lender.
The general rule is that you can borrow 4.5 times your income. In some cases, this can rise to as much as 5.5 times your income (if you’re classed as a professional), or if your total income is more than £50,000.
Not necessarily. So long as your last set of accounts is no more than 18 months old. If your accounts are not sufficiently recent, you’ll need to produce another set of accounts before you can apply for a mortgage.
You need to log in to your HMRC online account.
1. For your tax calculations:
2. Follow the link ‘tax return options’
3. Choose the year from the drop down menu and select the ‘Go’ button
4. Select the ‘View return’ button
5. Follow the link ‘view calculation’
6. Follow the link ‘view and print your calculation’
Follow the link ‘print your full calculation’
1. Follow the link ‘view account’
2. Follow the link ‘tax years’
3. Choose the year from the drop down menu and select the ‘Go’ button
4. Follow the link ‘print your Tax Year Overview’
Your credit score is important. You’ll need a good credit rating to get a BTL mortgage. You can improve your credit rating by paying debts and bills on time and keeping up with any other loan repayments.
Lenders will look at the amount you estimate you’ll make in rental income from the property. They’ll want an independent assessment that indicates that the property has sufficient rental income to repay the level of loan you’re looking for.
Typically, BTL lenders look for rental income that covers at least 125% of the monthly interest payment. That means, if your monthly mortgage payment is £1,000, the monthly rent should be a minimum of £1,250.
At least 25%. Usually the highest loan-to-value (LTV) mortgage available on a BTL basis is 75%. So, you’ll need a deposit of at least 25% of the property’s purchase price to proceed.
If you’re able to contribute substantially more than the 25% minimum, then you’ll give yourself a chance of improved lending rates and interest rates.
Interest rates fluctuate between providers and mortgage deals. But be aware that interest rates on BTL mortgages tend to be higher than those applied to standard residential mortgages. That reflects the increased level of risk that the lenders perceive themselves to be taking
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perfect mortgage!
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