The lending criteria for buy to let mortgages is improving.  

Precise Mortgages have amended their criteria to having  no personal minimum income requirements.

The Mortgage Works and BM Solutions also offer this criteria.

Product Highlights include :-

• No minimum income requirements
• Rates start from 3.89%
• Available to 80% loan to value
• Max Loan £500k to 80% loan to value and £1m to 70% loan to value.
• Available in England, Wales and selected postcodes in Scotland

Contact us today for a free no obligation initial discussion or meeting to see if this is the best buy to let mortgage or remortgage for your circumstances

Why use Neil Soundy Financial Services for your mortgage advice.

We will give you expert impartial advice.

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

BM Solutions the buy to let lending arm of the Halifax have now improved their lending criteria. Previously you had to evidence a minimum income of £25,000. This condition has now been removed and no minimum income is required. Your income will still need to be declared on the application.

The benefits of BM as a buy to let lender are:

Very quick to offer

Up to 5 tenants on one AST

Rental calculation is 125% at a notional rate of 5%

Other lenders have different lending criteria.

The Mortgage Works do not have a minimum income requirement and no income is stated on the application.

Contact us today for a free no obligation initial discussion or meeting

Why use Neil Soundy Financial Services for your mortgage advice in Cardiff.

We offer at least twice the choice of mortgages compared to a standard mortgage broker. View the video on our homepage that explains how we are different.

We will give you expert impartial advice on the mortgage market.

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

Clients purchase Buy to Let properties because the rent generates a regular monthly income source that can be increased over time and with the prospect of long term capital growth. This makes it an attractive investment to provide income in retirement.

When the original mortgage was arranged little thought may have been given to the term, on the basis that the property will have been sold or repaid in the future. Many clients are now coming closer to the end of their mortgage and wish to retain their properties as an ongoing source of income.

We have listed below the current maximum age which the lenders expect the mortgage to be repaid.

Lender               Age

HSBC                  65

Natwest             70

Nottingham         70

C&G                   75

Monmouthshire 75

BM Solutions     75

Virgin                 76

Leeds                80

Why remortgage now?

The Mortgage Works (the buy to let lending arm of the Nationwide) will lend up to age 90 for experienced landlords.

They are offering free valuation and free legal work on remortgages. (selected rates)

The option to raise funds for further purchases or to refurbish your existing buy to let..

The Mortgage Works do not have a minimum personal income requirement.

The Mortgage Works may amend their age criteria to match other lenders

Contact us today for a free no obligation initial discussion or meeting to see if this is the best buy to let mortgage for your circumstances

Why use Neil Soundy Financial Services for your mortgage advice.

We are different.

We offer at least twice the choice of mortgages compared to a standard broker.

View the video on our homepage that explains how mortgage advice has changed.

We will give you expert impartial advice on the mortgage market.

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

THIS MORTGAGE GIVES THE ABILITY TO BUY A HOUSE WITH JUST A 5% DEPOSIT.

The Monmouthshire Building Society has launched a very competitive 95% mortgage.

The major benefits to this mortgage product are :

1) Discounted rate for the first 3 years at 3.75%. Then reverting to the lender variable rate of 4.99% (4.80% APR)

2) Only a 5% deposit is required

3) Open to first time buyers

4) No product fee

5) Only committed to the lender for three years

The drawbacks to this mortgage product are :

1) The discount is linked to the lenders variable rate which can be changed at anytime.

2) You are committed to the lender for three years on a variable rate.

3) Maximum borrowing is £175,000.

4) Limited to NP, CF, SA, LD, WR, GL, HR, BS postcodes.

5) No portable outside these postcodes.

Contact us today for a free no obligation initial discussion or meeting to see if this is the best 95% mortgage for your circumstances

Why use Neil Soundy Financial Services for your mortgage advice.

We are different.

We offer at least twice the choice of mortgages compared to a standard broker.

View the video on our homepage that explains how mortgage advice has changed.

We will give you expert impartial advice on the mortgage market.

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

There are a number of factors in obtaining the best mortgage rate

1)      Make sure you are on the electoral role. It is essential that you appear on the voters role when the lenders performs a credit check on you. This option to register is open to to all citizens of the Irish republic or other European Union country as well. (EU citizens cannot vote in Westminster parliamentary elections), You can submit a separate application to vote in European parliamentary elections). Register to vote or confirm your details are correct at https://www.cardiff.gov.uk/ENG/Your-Council/Voting-and-elections/How-to-register/how-to-register-to-vote/Pages/default.aspx

2)      Ensure all credit commitments are paid on time. These include loans, credit card, catalogue and contract mobile phones. II have had a client declined because of one missed mobile phone payment.

3)      Reduce your personal commitments. If you already have an existing loan or credit card this will reduce how much a lenders will advance. A rule of thumb is that the monthly payment is multiplied by 12 to show the annual cost. This figure is then deducted off your annual salary Eg if you are paying £200 per month the annual figure of £2,400 is then deducted from your salary. 

£25,000 – £2,400 = £22,600 x 4.25 = £96,050 (compared to £106,250 if no credit commitment)

4)      Size of deposit. The choice of lenders and mortgage product increases if you can fund a larger deposit. Their a few lenders that only require a 5% deposit. As an example if you can increase your deposit to 10% the choice increases from 57 to 283. Another benefit is a more competitive rate. The most dramatic improvement in rate and additional choice is when you can fund a 15% deposit. The improvement in rate and choice is more marginal after this banding.

5)      Evidence of income. Lenders are now looking for last three pay slips and latest P60. If you want to include overtime or bonus income you will need to supply P60’s for previous years. The choice of lenders plummets if you are paid in cash. I would recommend this is changed to direct transfer. If this option is not available I would pay the full cash amount into your current account as an audit trail. For self-employed ask your tax office for last three years personal SA302’s. Lenders are now requesting these in addition to tax returns.

This is not an exhaustive guide but should help you get a better mortgage.

Why use Neil Soundy Financial Services for your mortgage advice.

We are different.

We give at least twice the choice of mortgages compared to a standard broker

Go to our homepage for more information or view video to see how mortgage advice has changed

Your initial consultation is free with no obligation.

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.