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Buy to Let Mortgages for Contractors

Buy to Let has gone through a massive transformation in recent years, and more changes are expected in the near future.

There are a lot of factors to be considered if you are planning to buy a property to let. For starters, you have to keep in mind the "stamp duty" applied on such properties.

Since 1st April 2016, an extra 3 per cent stamp duty charge has been introduced. It does not matter how many properties you are purchasing and this change applies to companies as well as individuals.

For example, if you are buying a second home worth £250,000, you'll have to pay 3 per cent for the first £125,000 and 5 per cent on the amount between £125,001 to £250,000.

So, as a landlord, you will be paying a lot more than a private purchaser. Not just landlords, anyone who's buying a second home will be affected because of this.

Buy to Let Stamp Duty Charges Explained

£0 - £125,000 = 3% vs. 0% at standard rate

£125,001 - £250,000 = 5% vs. 2% at standard rate

£250,001 - £925,000 = 8% vs. 5% at standard rate

£925,001 - £1.5m = 13% vs. 10% at standard rate

£1.5m+ = 15% vs. 12% standard rate

Interest on buy to let mortgage payments can be claimed by landlords. However, this is soon to change and the mortgage relief perk is expected to be removed.

Buy to Let Mortgage Benefits

Buy to Let mortgages have always been in demand and will always be, despite these challenges. According to a recent survey, there has been a continuous increase in the number of tenants year on year.

Buying a property is not easy and it is not as flexible as renting a property and hence, there'll always be demand and the number of tenants shall continue to increase year on year basis.

There are competitive mortgage deals available in the market for landlords looking for Buy to Let type of mortgage.

Try our contractor mortgage calculator to find out how much you can borrow

Why Choose Us

  • 100% transparency and clarity on the mortgage application process
  • You could borrow up to 5x of your annual contract income
  • Secure mortgages from contractor friendly mortgage lenders and competitive interest rates
  • Specialist 360 degree advice – starting from initial consultation to securing your mortgage offer and beyond
  • Dedicated team of mortgage advisors. Full support and guidance throughout the mortgage application process

What documents would you need for contractor remortgages?

  • Signed contract
  • 3 Month Bank Statements
  • Up to Date CV
  • Proof of ID

Alternatively, feel free to drop us a line on enquiries@mycontractormortgages.com or request for a free call-back.

Contractor Friendly Mortgage Lenders