We are here to help you to achieve your house goals, providing you with expert independent mortgage advice for everyone from first-time buyers, people moving home, buying to let investors, as well as existing homeowners looking for a remortgage
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Are you looking to purchase a property to let?
Despite the changes to the way buy to let investments are taxed, investing in property is still a popular way of planning for your financial future.
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Things to consider
If you are planning to invest in property by purchasing your first, or indeed an additional, buy to let property, there are many things you need to consider before choosing a let to buy mortgage.
- Should you take an Interest Only or Capital Repayment mortgage?
- Should the interest rate be fixed, or variable?
- Is it more economical to choose a mortgage product with a higher arrangement fee so you get a lower interest rate?
- What type of valuation should you choose?
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Buy to let remortgage
You may already have buy-to-let mortgages which have not been reviewed for some time. This may mean the interest rate you are paying is uncompetitive and could therefore be reduced by looking at a buy-to-let remortgage.
You may also wish to consider a remortgage to raise additional capital, which you can then use to buy additional properties.
Finally, with the changes to buy-to-let taxation starting from April 2017, you may also wish to consider how your portfolio could be changed to minimise the tax you will pay.
Repairs or improvements? +
Repairs and improvements are both allowable costs but it is an important distinction as tax relief is claimed in one of two ways depending on whether building work is repairing or replacing pre-existing materials or whether it is an improvement.
Repairs and maintenance usually include:
- Painting and decorating
- Re-pointing existing brickwork
- Damp or rot treatment
- Repairs to existing equipment, windows, doors, etc.
- Replacing a roof
Capital items are work which improves the property such as an extension. These costs can be claimed to reduce your capital gains tax when you come to sell the property.
Sometimes it is hard to tell if an item is a replacement or an improvement so, if you’re unsure, do take advice.
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