Get in touch
t : 02895 575010
e : info@njwfinancial.co.uk
Are you looking for information or advice about buy to let mortgages? We are expert BTL brokers in the financing of rental properties and can
answer your questions to help guide you to reach your desired goals.
Specialising in portfolio landlords, or investors who are first timers, we can help secure you the best mortgage for your needs saving you time and money.
Most Buy to Let Mortgages are not regulated by the Financial Conduct Authority.
Buy to Let mortgages are a type of home loan that allows you to buy property to rent to tenants for a profit. Buy to Let mortgages can be full repayment or interest-only. We will help you decide what is best for you
How do they differ from residential mortgages?
Apart from the fact that the owner of the property is not able to live there permanently, the main difference in a Buy to Let and a residential mortgage is how affordability is assessed. BTL lending is primarily based upon the rental income the property can generate. The mortgage payments must be covered by the projected rental income, which is calculated using current interest rates.
This is where a person wants to purchase or remortgage up to 3 investment properties. A lender will consider each property on their own merits.
If a person holds more than three buy to let mortgaged properties, they are treated as a 'Portfolio Landlord'. This means the lender will review your portfolio as a whole as part of their process for approving a new purchase or the remortgage of an existing investment property as opposed to just the property in question.
Subject to taking appropriate advice, it can be more tax-efficient to hold properties in a limited company. The company itself becomes both the borrower and the legal owner of a buy to let portfolio. Generally the costs of arranging these types of mortgages are higher than Standard Buy to Let Mortgages.
Frequently Asked Questions
A minimum deposit required for buy to let mortgages is typically 25% of the property’s value. However, it can vary from 20-40%. BTL mortgages typically have include an interest-only policy. You only pay interest per month and not the capital. You repay your original loan fully at the end of your mortgage term.
Lenders will most often offer a mortgage to buy to let with no income requirements to those who are able to show proof that their income supports them. This can include any income, so long as you have a sustainable financial position.
While the simple answer to this question is yes, your options for getting a mortgage may be limited. First, ask yourself if you are a first-time landlord or buyer. This is important as many lenders require you to have your own residential property for at least six months before you can be approved for a Buy to Let mortgage. You may not need to own a property to qualify for a Buy to Let mortgage. However, you might be able to rent a home and still have responsibilities to the lender.
Your mortgage options are limited if you're a first-time buyer or don't own a property. If you fall within any of these categories, an adviser can help you find the best lenders.
Your property may become a 'House in Multiple Occupation' (HMO) if it is being let out to multiple tenants that are not members of your family. If a property has at least three tenants, and the toilet, bathroom, or kitchen are shared, it is considered an HMO. It depends on what type of property it is and the location, an HMO license is necessary. Check with your local authority to see if a property has been declared an HMO.
A mortgage can be obtained on an HMO property.
We’d love to hear from you. Call 02895 575010 or 0141 291 5044 or send us a message using the form below and we’ll tend to your enquiry right away
NJW Financial Ltd is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.
We are committed to providing a professional service to all our customers.
If you are unhappy then we want to hear about it so we can try to put things right. With this in mind, we have the following complaints procedure in place.
You can make a complaint by any reasonable means including telephone, letter, or email.
Our contact information:
• Write to: Nick Ward
• Telephone: 02895 575010
• Email: info@njwfinancial.co.uk
If you prefer, you can also refer your complaint to PRIMIS directly using the following contact details:
• Write to – PRIMIS Mortgage Network, Customer Resolution Team, Ground Floor, Birmingham Business Park, B37 7YT.
• Telephone: 0121 767 1139
• Email: complaints.solihull@primis.co.uk
You can also complain via their website:
• https://www.primis.co.uk/privacy-notices/complaints/
The same section of the website contains more information about PRIMIS’ role in complaints handling and about how Appointed Representative relationships work.
How we will handle your complaints
Simplified Complaints
We will use this process if:
• your complaint is about a simple matter - that we can look into and solve quickly and easily; and
• you direct it to us (rather than directly to PRIMIS Mortgage Network) in the first instance.
We will investigate your complaint and aim to resolve it within three business days following the date of receipt. If you are happy to accept our proposed resolution, we will send you written confirmation of our investigation.
If you cannot confirm acceptance by the end of the third working day (for example – because you are not happy with our proposed response or if you are not available to discuss it with us) then the case will be referred to PRIMIS Mortgage Network. It will then be handled in line with the Formal Complaint process outlined below.
If your complaint is more complex or is unlikely to be resolved quickly then we will usually refer it to PRIMIS straight away
Formal Complaints
The formal complaints process will be used where:
• we can’t resolve your complaint to your satisfaction within 3 working days: or
• your complaint is likely to involve more complex assessment or investigations; or
• you send your complaint directly to PRIMIS Mortgage Network rather than to us in the first instance; or
• you ask us to deal with your complaint in this way rather than via a simplified process.
Upon receipt PRIMIS will acknowledge your complaint promptly and will investigate it fairly and impartially. They will write to you within 8 weeks to confirm the outcome of their investigation.
In the unlikely event that their investigation is not complete within eight weeks of receipt of your complaint they will write to you to explain why and let you know when you can expect to hear from them. They will also provide details of how to contact the Financial Ombudsman Service if you are not satisfied with progress.
The Financial Ombudsman Service
If, following PRIMIS’ investigation you are still not happy with the outcome you have a statutory right to refer your complaint to the Financial Ombudsman Service.
It is a service free of charge to consumers and you may refer the matter to the Financial Ombudsman Service (FOS) within six months from the date that you received a final response to your complaint.
You can contact the service using the following details:
Telephone 0800 023 4567
Email: complaint.info@financial-ombudsman.org.uk
You can also visit their website and refer complaints to them online by visiting.
https://www.financial-ombudsman.org.uk/
Let us know if you need any extra help or support.
We are committed to providing a complaints service that is accessible to all our customers.
If you will have any difficulties with any elements of the process that is outlined above, or if there are circumstances that might mean we need to change the way in which we handle your complaint then please let us know when you tell us about your complaint.
NJW Financial Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority (FCA). NJW Financial Ltd is a company registered in Northern Ireland, company number NI688242, with its registered office at 17 Carnmoney Road, Newtownabbey, Northern Ireland, BT36 6HL
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Any other product or service offered by NJW Financial Ltd may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority.
Most Buy to Let mortgages are not regulated by the Financial Conduct Authority. Wills are not regulated by the Financial Conduct Authority and may have limited consumer protection.
The guidance and/or advice contained within this website is subject to UK regulatory regime and therefore restricted to consumers based in the UK.