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The best buy-to-let remortgage deal for you depends on several factors, including your credit score, income, the size of your deposit, the type of property you have, who you rent to, and how much equity you have in your rental property. By comparing deals with MoneySuperMarket, you’ll be able to shop around for the best buy-to-let remortgage ...
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- Overview
- Buy-to-let
- Eligibility
- Tax implications
This article provides information on buy-to-let mortgages, including the minimum deposit amount, interest rates, eligibility criteria and tax implications. It also offers tips for finding the best mortgage deal.
A buy-to-let mortgage is a mortgage for people who want to buy a property, then rent it out. The minimum deposit amount is typically higher than a standard mortgage and most investors opt for an interest only mortgage.
To be eligible for a buy-to-let mortgage, you must be over 21 years old, own your own home or have an existing residential mortgage, have good credit history and earn enough income to cover the repayments.
When buying through buy to let there are extra stamp duties and taxes on rental income that need to be paid as well as capital gains tax if selling the property later on.
This is applied to any profit made on the property since you originally purchased it, and is charged at 28% (higher-rate tax payers) or 18% (basic-rate tax payers. From April, capital gains allowance will also be reduced from £12,300 to £6,000, which will impact the profits you're able to gain from selling a buy-to-let property.
Jun 14, 2024 · Birmingham Midshires 5-Year Fixed deal is a buy-to-let with a low-interest rate of 4.45%. This means that you will pay a monthly repayment of £1,106.00, reducing your outstanding balance by £364.33 each month. The follow-on rate after the 5-years expiration is 9.59%.
- Mortgage advisers will search for buy-to-let deals to find you the best interest rate and mortgage term applicable to your own circumstances. You w...
- If you rent out the property for a much higher value than the mortgage repayment amount, you could earn a comfortable income. Some investors will o...
- Capital gains tax is payable when you sell a property. You must pay tax on the ‘gain’ you have achieved which is the difference between what you pa...
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Equity. While the actual process of taking out a remortgage on a BTL property is very simple, you are required to have a deposit that is between 25% and 40% of the price of the property. For a remortgage this takes the form of equity in your property. Furthermore, you will pay higher interest rates compared to residential homeowner mortgages.
May 30, 2024 · Purchase Buy-To-Let Mortgages Remortgage Buy-To-Let Mortgages; 80%: Suffolk Building Society. Initial rate: 4.79% | APRC: 8.5%. Repayment mortgage of £240,000.00 over 25 years, representative ...
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