The real trend here is the Limited Company Buy to Let. With the recent changes in the perception of the Buy to Let market regarding taxation and so on, many people are now forming Limited Companies to purchase their new rental property. They opt for a five-year fixed rate mortgage to get around some of the more onerous stress testing. This seems to be one of the only ways that you can still purchase locally with just a 25% deposit. The new Prudential Regulation Authority (PRA) rules mean that the rental incomes achieved are only sufficient to gain you a mortgage of around 60% on any deals under a five-year fixed rate. The buy to let market is certainly having to adapt at great speed to the government’s intervention and it’s definitely becoming far more specialised from a broker point of view when offering complete advice.
In summary - The 2017 Buy to Let market is very different to what was happening this time last year, it’s becoming more complex to understand all the intricacies that lenders are using to differentiate themselves from their competitors. With this in mind, the Independent Mortgage Broker is now becoming a more valuable asset when it comes to choosing your next mortgage.
To review the mortgage choices available to you why not give Zing a call to book your appointment? Our advisers are available daytime or evening, weekdays and weekends. We’ll even meet with you at your home to save you any inconvenience. As our website says, we’ll be beside you all the way - smoothing out all the possible glitches, so your house-buying experience becomes as stress-free as these transactions can possibly be.
To book an appointment call us on 01245 673578 / 01277 285235, or email us on brokers@zing-mortgages.co.uk or please visit www.zing-mortgages.co.uk for more information.