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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 Rating651 Reviews
Nicholas
Great to talk through clear presented options that meets the needs of my family. Daniel gave assurances, space and understanding that helped us make a significant decision more easier.
Leanne
Absolutely brilliant service from start to finish. Would like to thank Wayne and Lyndsey for all their help with out mortgage application nothing was to much trouble for them. Would recommend hullmoneyman for fantastic service
Leanne
Absolutely brilliant service from start to finish. Would like to thank Wayne and Lyndsey for all their help with out mortgage application nothing was to much trouble for them. Would recommend hullmoneyman for fantastic service
Chloe
This service is so helpful, they always give you full description and make sure you understand each steps before moving forward. Communication is a great skill that this service has.
Matthew
Absolutely fantastic experience. Dinah Answered every question we had and was very quick to get back to us.
Thomaa
Outstanding. The best customer service and knowledge from Wayne and Megan. The best company I’ve used by far. Thank you. Would strongly recommend.
Mark
Always helpful and attentive, easy to talk too and nice to deal with someone who lives in the same area. Highly recommended
Lauren
Extremely happy with the service we received! We had Matt Collinson and Megahn Robinson helping us with our Mortgage and they were incredible. As first-time buyers, we had a lot of questions and Meghan helped us to understand everything and...
Paul
Dealing with Hull Money Man is always a pleasure. All the staff are happy to help, are accommodating and arrange appointments to suit. You feel like you are in good hands. I would recommend them.
Lee
Leo and Stacey at Hullmoneyman have provided a fantastic service; friendly, helpful, knowledgeable and personable. I will definitely use the service again.
Richard
Amazing quick service. Helped find us a mortgage right for our situation. The team kept us updated and informed throughout the process. They were swift to respond to our queries and really good at being able to deliver in our very short...
Anonymous
Good communication and job well done.
Anonymous
Good communication and job well done.
Jason
Both Dinah and Stacie my mortgage broker and case handler were professional, quick to communicate, and simplified the mortgage process which helped reduce a stressful and potentially complex process. They were available to answer all my...
Jason
Both Dinah and Stacie my mortgage broker and case handler were professional, quick to communicate, and simplified the mortgage process which helped reduce a stressful and potentially complex process. They were available to answer all my...
Alexandra
We have used Hullmoneyman 3 times now and each time the process has been seamless. We are kept informed throughout the process both by telephone and email. We wouldn’t use anyone else. Thank you
Jennifer
Thankyou for making the whole equity release experience straight forward from day one to completion of my lifetime Mortgage.
Anita
Really helpful, explained things so we understood. Got us the best deal for our circumstances. All this whilst we had a toddler running round in the background! Thanks!
Michael
This the second time I have used Moneyman in five years. I can without hesitation say they are very professional know the market and everything is done for you. Thank you once again and I shall inform friends and family of your company. As an...
Lee
I have used Hullmoneyman for several years now and would highly recommend them. They are always on the end of the phone for advice. Fantastic service from all the team.
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.
