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Buy to Let · The Basics

The Buy to Let 100.
The Basics

Focus: Definitions, core concepts, and suitability.

7+Questions
100%Expert Answers
FCARegulated
Buy to Let FAQs
TL;DR Frequently asked questions regarding Buy to Let properties, mortgages and deposits. What are your rights as a landlord/renter?
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LTV Explained
TL;DR LTV is the difference between the amount you’re borrowing and the value of the property or asset you’re using to secure the loan.
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Expat Buy to Let Mortgages
TL;DR Expat Buy to let Mortgages are a product that ex-UK nationals can take out. See the Pros & Cons and if it'll work for you.
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Buy to Let Properties and Tax
TL;DR Find out the latest buy to let tax rules and how they will affect you with this guide prepared for Promise Money by Accord Mortgages.
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Refurbish to let
TL;DR If you want to buy a property, but need to refurbish to let it out, there are a few options to help you get the finance needed.
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Unregulated Bridging
TL;DR Unregulated bridging could be a viable option for those seeking extra funds quickly to acquire a profitable investment at auction.
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Bridging Loans FAQs
TL;DR Bridging Loans FAQ – and what can they be used for? Here are some of the most frequently asked questions, answered by our experts.
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

More than 50% of borrowers receive offers better than our representative examples

The %APR rate you will be offered is dependent on your personal circumstances.

Mortgages and Remortgages

Representative example

Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans

Representative example

Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans

Representative example

Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

Authorised and regulated by the Financial Conduct Authority – Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

Website www.promisemoney.co.uk