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MORTGAGE SERVICES UK Buy-to-Let Guide The buy-to-let market has developed enormously over the last few years and the rates and terms available for UK buy-to-let property in some cases beat UK standard residential mortgage terms. As either an expat or overseas investor, you will have come to realise how difficult it can be to arrange anything to do with banks and building societies in the UK. Types of Mortgage ♦ As with any other mortgages, there are varying length terms from 5 years up to 30 years, with the option of either variable or fixed interest rates. ♦ The rate of interest varies on fixed or discounted rates dependent on money market fluctuations as well as lenders offers. ♦ Variable rates will be between 1% and 1.5% above Bank of England base rate. ♦ Most lenders will offer interest-only repayments, as the majority of applicants will want to maximise the loan to value available, with repayments being calculated based on the amount of rental income achievable from the property. ♦ Should a capital repayment facility be sought, this can be arranged. ♦ Most people purchasing for investment will opt for a variable rate option, as a greater flexibility is available to allow the sale of the property at anytime, whilst investors who are sure they will keep a property for a minimum length of time should consider a fixed rate option. ♦ This is because fixed or discounted rate options offered by most lenders will have a hefty “tie-in” period or early settlement penalty applied to the facility. Availability Mortgages / Bonds can be arranged for the following: ♦ Private individual ♦ Partnerships ♦ Limited Companies (On and offshore basis) ♦ Trusts (On and offshore basis) Loan to Value Options There are a number of exclusive packages for their clients for mortgages / bonds up to 85% of value or to a maximum of 90% of purchase price, whichever is the lower. Fees As with any transaction, fees are applicable and payable at certain times of the buying process. Below are details of the approximate fees and likely time they will become payable:Bank Valuation Fees: ♦ Up to £250,000 £500 + VAT ♦ £250,001 to £400,000 £600 + VAT ♦ £400,001 to £500,000 £750 + VAT ♦ £500,001 to £750,000 £850 + VAT ♦ £750,001 to £1 m £1,000 + VAT ♦ Above £1m by negotiation ♦ Normally payable 6 weeks prior to expected completion. Lenders Fees: ♦ Between 0.5% and 1% Mortgage / Bond amount. ♦ Paid at time of acceptance of the loan facility. Mortgage Service Fee: ♦ Between 0.5% and 1% Mortgage / Bond amount ♦ £250,000 is payable at time of instruction, balance payable upon acceptance of formal loan offer. Solicitors Fees: ♦ You will also have your and in some instances, the lenders solicitor’s fees. Lender’s Requirements: Most Buy to Let Lenders will calculate their maximum advance based on existing or potential rental income achievable from the investment property alone. However in some instances, lenders will require to see a minimum income level for the applicants. (Varies between lenders). In addition, some lenders will offer slightly enhanced lending terms, based more on normal residential terms, but this will require the applicants to produce the following information: ♦ Completed Mortgage application form (Some Lenders) ♦ Asset & Liabilities for each applicant. ♦ Copies of the last 6 month’s pay-slips (if employed) ♦ Copies of the last 2-3 years certified trading accounts (if self employed) ♦ Copies of the applicant’s last 6 months bank statements In each and every case the following information is required for lenders to progress an application and needs to be certified as true copies by a Notary (NOT THE POLICE). ♦ 2 x proof of current address of each applicant, NOT mobile phone bills (dated within the last 3 months). This can be either physical or PO Box address. ♦ 2 x proof of ID’s, e.g., valid passport, ID cards or driving licence.