Rachel is discussing mortgages with Catherine Beaumont, Mortgage and Protection specialist consultant at the London Money Group.

They discuss the changing market for those wanting to buy to let and offer advice on how to ensure you are in the best position to get the mortgage finance you want on a property.

This podcast has great advice for those looking for buy to let, listen in to find out more.

KEY TAKEAWAYS

• Buy to let mortgages are becoming more difficult to place and are especially dependent on how many properties you already own.


• Your credit file is very important  and you must actively manage your credit file.


• You need to check if the information is correct and all relevant detail is included.


• If the basic details are not correct this can cause problems when making a mortgage application.


• Life happens and If you have had late payments or defaults you must be aware of them. One of the worst things is non-disclosure to the lender.


• More people are buying through a limited company but credit checks are still carried out on the individual.


• If you own four or more properties you are considered to be a portfolio landlord.


• Some lenders will restrict the loan to value up to a certain amount of properties and they will want to make sure the rental income will service the loan.


• The more properties you own the harder it is to get a mortgage on the properties and the higher the rates will be.


• See a tax advisor before you consider investing in property


• You need to have an understanding of the tax implications - what you will be liable for and what relief you can claim.


• Carry out  detailed research to find the right area


• The lenders use the potential rental rate covering the loan as a significant marker in whether the loan is viable.


• Consider stamp duty when buying, If you already own a residential property and are buying an investment property you will have a stamp duty uplift and this must be factored into your cost


• Before you begin your journey in property;


• Do your research


• Speak to the right people including a good Tax advisor, Solicitor and Mortgage advisor


• This will ensure you begin along the path of buy to let with the right information.

BEST MOMENTS

‘Allowing properties to become available to first time buyers is a positive thing’

‘I personally hop on once a month to make sure my information is correct’

‘Be very aware of the area you are investing in’

‘Every lender is different’

VALUABLE RESOURCES

The Property Regeneration Show podcast

The London Money Group

ABOUT THE GUEST

Catherine Beaumont CeMAP

Catherine Beaumont, CeMap, is certified in Mortgage Advise and Practice and works as a Mortgage and Protection Consultant within London Money.

You can contact Catherine on Twitter – https://twitter.com/cathyLMFS

ABOUT THE HOST

Rachel enjoys orienteering with her husband, swimming or playing the Ukulele in her spare time. she has over 11 years’ experience in the construction industry delivering projects up to £300 million within budget, time and quality; therefore, the agreed return on capital employed

CONTACT METHOD

You can contact Rachel Gros on contact@propertyregeneration.co.uk

07495 451127

See omnystudio.com/listener for privacy information.