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If you are currently looking for expert Buy to Let Mortgage Advice, our fast & friendly Mortgage Advisors in Hull are here to get the job done. You could be looking at becoming a first-time landlord or maybe you’ve done this dance before; either way we are a very knowledgeable team and would love to help you with your Buy to Let in Hull.
As a reputable and experienced Mortgage Broker in Hull that works alongside our customers, we have helped a varied amount of different investors in helping them to secure fantastic buy to let mortgage deals. Our dedicated team will be able to take a look through thousands of mortgage products, so that they can find the best one for your situation.
If instead you are looking at your options to purchase your new Buy to Let in Hull by way of a limited company (a Special Purpose Vehicle / SPV), this is something that we have a great amount of knowledge on, and our mortgage advisors in Hull will be more than happy to take a look at your mortgage options with you.
Perhaps you are looking to compare the taxation benefits? If so, then it is recommended that you get in touch with an experienced tax advisor as they will be able to appropriately advise you on what to do.
Though our services are typically used for helping with a standard residential Buy to Let in Hull, we are actually able to provide help with HMOs (House of Multiple Occupancy) and even holiday lets as well, so if you are in need of help with a mortgage situation like that, please feel free to get in touch for your free mortgage appointment.
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The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.
Over our many years of working as a dedicated mortgage broker in Hull, we have had the privilege of helping lots of different landlords to secure mortgages for their investment properties.
No matter if you are in the market to take out a mortgage on a standard residential Buy to Let in Hull, a Holiday Let, or a HMO, we have an experienced team of Mortgage Advisors in Hull who are more than happy to run through your situation and help you to find the best mortgage deal.
Here are a selection of the most common Buy to Let mortgage scenarios that we regularly encounter;
More than anything, we find ourselves coming across standard residential Buy to Let mortgages the most. This type of mortgage is more or less what it says it is. A residential Buy to Let allows you to take out a mortgage on a residential property purchase, that you have the intention of renting out as opposed to living in.
We find that most Buy to Let borrowers out there will probably take out their mortgage on an interest-only basis, as doing this will ensure that their monthly payments are lower, because they’ll only be paying the interest per month.
Generally speaking, landlords will pay the monthly amount through the rental fees they’ve collected each month. You will still need to pay off the capital in full once the term reaches its end.
A house in multiple occupancy is the name that is given to residential properties that have more than two tenants and have shared areas for the tenants to use. This is commonly seen with student housing.
Depending on the size of your HMO is, you may have the legal obligation to obtain a license from your local council. We would absolutely recommend that you speak to the local authority ahead of time so you know how it all works on the legal front.
Because HMOs are a very specialist type of Buy to Let in Hull, you’ll find that there aren’t a lot of mortgage lenders out there who will offer mortgage products on them. Fortunately for our customers, we do have some mortgage lenders on panel who are quite happy to work with HMO property investments.
HMOs often have the potential for a higher return on investment than other standard Buy to Let ventures, though it is important to remember the other costs that are involved with these types of investment, such as license fees from the local authority and the general maintenance of your property, especially if it is let out to students.
We are finding that more and more landlords are taking a look at their options for making their investment through means of a limited company SPV (Special Purpose Vehicle). This tends to be more prominent with experienced Buy to Let landlords with large property portfolios.
As a standard rule of thumb, it’s probably safe to assume that you will pay a larger interest rate when you take out a mortgage with your Ltd. Company and you will be limited in the range of lenders that you’ll be able to go to.
On the flip side to that, the costs of this can be massively outweighed by the potential savings on tax. We would definitely recommend that you have a good, serious chat with an experienced tax advisor to make sure that taking this path is right for you.
Holiday Let mortgages are a type of mortgage that is used for those who are looking to purchase a property that will have various different regular short term tenancies over it’s time.
A holiday let is another one that is classed as a specialist type of investment, so again you’ll find that there aren’t a lot of options out there for you with this. Putting a more positive spin this though, our expert mortgage advisors in Hull are incredibly knowledgeable when it comes to Holiday Let lending criteria and will be able to look at the options you could take.
Here we have had a good look at the most common Buy to Let investment situations that we have come across throughout our time as a mortgage broker in Hull.
If your situation is not mentioned above, then please feel free to contact us. Using our in-depth experience, it’s not often that we haven’t come across at least a variance of a mortgage situation before. We look forward to lending our knowledge to your mortgage process.
As a company of experienced Buy to Let Mortgage Advisors in Hull, we will always be on hand to guide you through your entire mortgage journey. Our team are available from early until late, every day of the week. It’s our aim to get our customers through all of their mortgage hurdles.
Our quick & responsive mortgage advice team at Hullmoneyman are familiar in working within Buy to Let market and are very knowledgeable in how it all works. We tend to work closely with Buy to Let landlords, often helping the same ones on a regular basis if they need to arrange a mortgage or remortgage on a property in their portfolio, reducing their stress levels.
We always make sure that we are up to date with the latest legislation and lending criteria in the Buy to Let mortgage market, which means we can always keep our customers well informed and are given professional & accurate Mortgage Advice in Hull.
Our team of mortgage administrators and mortgage advisors in Hull will make sure you are given support from the first point you get in touch, all the way through until completion. We aim to ensure our customers are given a clear and simple mortgage service.
To learn more about the service we provide for landlords and the relationships we build that lead to them coming back for more Buy to Let Mortgage Advice in Hull, take a look at our amazing reviews, left by genuine Buy to Let customers of whom we were thrilled to be able to help.
4.98 Rating677 Reviews
Tom
Matt has been brilliant all the way through kept in touch and explained everything in detail. Would certainly recommend !!
Kristy
Chris went above and beyond to help me obtain a morgage, after many set backs we eventually got the result we wanted.. couldn't be any more grateful
Mark
As always very helpful with what we required
Natalie
Happy we went with hullmoneyman when we got our first mortgage coming up to 4 years ago, they've been helpful and fully informative all the way. Would highly recommend
Freya
Brilliant service, we could always get in touch and ask whatever questions we needed. Being first time buyers this has been new and stressful territory and it was much easier knowing we could trust Hull Moneyman.
Martin
Swift and very helpful, they was my go to people for anything I was worried about as a first time buyers and put my mind to rest.
Jason
Stacie and Dinah have saved me more money yet again. I remortgaged my house last month when mortgage rates were high due to a lot of uncertainty in the market. It is due to complete at the end of this month and since then rates have gone down. I...
Kelly
Massive thank you to Jason at hull Moneyman who has been amazing throughout the whole process of getting a mortgage. I highly recommend this company who make things so much easier. Very professional and helpful.
Stacey
We have today completed on our first property purchase and cannot thank Chris Thompson enough. Chris is incredibly knowledgable, professional and has excellent communication skills which made the whole process stress free from the start. A huge...
Kirsty
As a first time buyer Wayne and the team were so helpful and supportive. Right from the initial consultation Wayne took the time to listen to me, answered all of my questions and gave recommendations based on what I was saying. There was never any...
Katarzyna
Fantastic, friendly and efficient. I have been used the service for the second time and would recommend to anyone.
Agnieszka
We are buying house second time with Hullmoneyman and we are pleased with the service. Team is fantastic and very professional Charlie Bryson - our advisor section time did everything in very professional manner and with prompt response for our...
Cameron
Amazing, was really pleased with the service from Chris & Lizzi. Really appreciate everything they’ve done for me. Would definitely recommended!
Anonymous
Nice and helpful without the hassle of doing it yourself
Anonymous
Always knowledgeable, friendly and helpful - an excellent and efficient team whose services I have called on several times over the last 18 years and would highly recommend.
Emma
Thank you Conor for your help and guidance you made the process easy and explained everything Thoroughly.
Wayne
This was my second time using UK moneyman and will definitely be recommending them! Stacey provided an excellent service and was very efficient. Thank you Stacey for all your help, offer turned up earlier than expected 😉
Idris
I found Dinah at UKMONEYMAN very helpful and supportive all the way through my application. All my questions were answered in a timely manner with clear explanation. Dinah was always available whenever I required something. Thank you for your...
Danny
Excellent service, answered all questions and queries. Dinah was fantastic
Joe
Excellent from start to finish. Very informative and quick to respond . We would highly recommend Hull Uk Moneyman and will be using them again in the near future without hesitation. Thank you
Buy to Let mortgage deposits can vary, although they tend to want between 20%-40%. As a Buy to Let Mortgage Broker in Hull, we usually find that lenders are looking for 25% of the property value.
Our free initial mortgage consultation will last roughly 30 mins. Lucky for you, as an experienced Mortgage Broker in Hull, we can turn around an Agreement in Principle within 24 hours. All we need is a quick phone call to gather the necessary information. A formal mortgage offer takes about three to four weeks on average.
If you’re an employee, you will usually have to supply three payslips and the latest P60 to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ tax calculations and correspondings overviews. You will also need to provide proof of ID (Driving license or Passport). Proof of Address (Utility bills, tax bills or credit card statements) and three months’ bank statement. You are proving the deposit built up with an explanation for any significant credits.
The good news is it may be possible to get a mortgage if you are self-employed in Hull. To qualify, you need to submit at least one years’ accounts. Doing so will help to increase the likelihood of obtaining a mortgage. Most lenders take a look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit. It all depends on the lender.
The good news is that you may find it a bit more challenging to obtain a mortgage despite having previous credit issues on your record. But it doesn’t mean it’s impossible, and you may still be able to get one! It just means that some Lenders may ask for a slightly higher deposit of around 10-15%.
The good news is it is possible to have two mortgages in Hull running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home.
An Agreement in Principle typically lasts for 30-90 days. However, this timeframe is up to the Lender. If your Agreement in Principle expires, worry not; you can renew it by getting back in touch with your Mortgage Advisor in Hull.
As a Mortgage Broker in Hull, we recommend that you obtain an Agreement in Principle (AIP) as soon as you can, preferably before you start viewing properties. Having an Agreement in Principle in place when you are viewing houses could potentially allow you to negotiate prices.
Our mortgage process consists of multiple different steps. The first step is to get in touch, and one of our trusted mortgage advisors in Hull will carry out a Fact Find to get a bigger picture of your mortgage situation.
Secondly, you’ll undergo your free mortgage consultation, and your assigned dedicated Mortgage Advisor in Hull will begin searching for mortgage deals that match your circumstances. If they find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application.
Next, they will perform a credit check on you to obtain an agreement in principle. Some evidential documents will be required from you to help back up your mortgage application.
Lastly, they will submit your mortgage application and wait for a formal mortgage offer to be issued.
Your free initial mortgage consultation with your dedicated Mortgage Advisor in Hull will last around 30 mins. During this consultation, we will get to learn a bit more about your mortgage needs and what you are looking for. Once we know more about your personal and financial situation, we will start looking for mortgage deals that will match you perfectly.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
