Buy to Let Mortgages
The business owners, professionals and contractors’ path to passive income.
Find the best mortgage for your investment in property.
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A Great Investment Opportunity
There are many ways to make your money work harder for you, and investing in property is one of the best. But securing a Buy to Let mortgage can be tough for those without a monthly salary.
With those earning a day rate not fitting the strict criteria of most lenders, accessing a mortgage of the right size is more difficult, meaning investment opportunities pass them by. We won’t let that happen to you.
Get the right mortgage for your needs.
To maximise the amount you can borrow, you need a mortgage provider that understands what you do and how you earn. Fortunately, we know a lot of them.
By using your day rate to define how much you can afford to borrow, our experts can help you find the best mortgage and the ideal rates so you can buy the property you want. We’ll talk you through the process and search the market for the right option.
Our advice & fees:
We only offer advice on first-charge mortgages. We charge a flat fee of £500 for our services, this is split into two payments. When we issue your AIP (Agreement In Principle) we charge £100, then a further £400 is charged on application. This means that that if your application
stalls at the AIP stage you are only liable for the £100. If we charge you a fee, and your mortgage does not go ahead, this fee is non-refundable.
Your Rights:
You may be able to claim compensation from the FSCS if we cannot meet our obligations. The amount of compensation available will depend on the type of business and the circumstances of the claim. We can provide more specific information on request, but as a guide:
Eligible mortgage claims related to advising and arranging are covered for 100% of a claim up to a maximum limit of £85,000 per person per firm.
Speak to an expert
I'm outside of PAYE, can I get a Buy to Let Mortgage?
Give us information to work with
You provide us with a copy of your employment history and a recent contract that includes your day rate. We’ll also need three months of bank statements and proof of ID to get started.
Prove you can pay the fees
You’ll then need to show that you can cover the costs of buying the property you want to rent out. This includes legal expenses, surveys and the deposit.
Let us take care of the rest
We’ll search for the best Buy to Let mortgage deals on the market and fill out all the paperwork for you when you find the one you want.
Ready to invest in property?
Fill out the form below to arrange a time to speak to a mortgage expert.
FAQs
What is a Buy To Let mortgage?
A Buy to Let mortgage is where you buy another property specifically as an investment with the intention of letting it out.
How much deposit do I need for a Buy to Let mortgage?
Normally a minimum of 25% deposit.
Is there any tax to pay when I sell my property?
Not for your main residence, but if you have investment properties that were bought on a Buy to Let basis, these will be subject to Capital Gains Tax. Other taxes may also be levied, we recommend you speak with an accountant to establish your tax position.
Can I get a mortgage if I earn a day rate, rather than PAYE?
Yes. Of course, there are factors that impact a contractor’s eligibility, but just by being self-employed, you should not expect to be turned down by a lender as long as they understand contractors and contracting. However, factors that would prevent anyone from securing a mortgage, such as a poor credit history or a bad payment record will apply just as much. to contractors as to employees.
Can I get a mortgage if I have only just started contracting?
Yes! As long as we can see you’ve got a history in the same line of work and in the same industry in which you are now contracting, there are lenders who accept new contractors.
What is the Mortgage process?
A typical journey will look like this:
- Welcome Call
This is an introductory meeting. You’ll meet your Broadbench adviser: they’ll explain our services, our regulatory status and establish a basic understanding of your requirements. - Fact-find
Your adviser will send you a fact-find document for you to complete. Once received, your adviser will schedule a Discovery Call. - Discovery and Recommendation Call
We’ll confirm the details supplied in the fact-find, and discuss your mortgage options: fixed/tracker, term, fees, and your budget. Your adviser will also advise you about life insurance products to protect the mortgage and your family’s lifestyle.Your adviser completes your mortgage recommendation and the KFI (Key Features Illustration) and then will advise you on the AIP process. You’ll both agree what are the next steps: house hunting or booking your mortgage. - AIP (Agreement In Principle)
Your adviser will send you an invoice of £100 to create the AIP. Once payment is received the AIP can be booked. - Documentation
Then adviser will send you a checklist of all the documentation you need to supply to us. You’ll then be invoiced for the remaining £400. - Mortgage Offer
Once all documents are received, we’ll certify that your mortgage is ready to be booked. Your adviser then books your mortgage. Once the mortgage offer is received, we’ll liaise with the lender on your behalf. - Mortgage Review
You let us know your exchange and completion dates. - Mortgage Completion
We’ll let you know as soon as your mortgage completes and then schedule regular reviews during the mortgage term to ensure that the product remains the most suitable for you.
Why should I use a specialist broker?
By all means, go to a high street lender to satisfy your curiosity, but in most cases, the lender will have issues with how income reaches the contractor. High street lenders understand dividends, but business owners, professionals and contractors who are tax efficient and only draw down a minimum salary and dividends to meet their needs won’t look good. Specialist brokers like us go to the same lenders you see in the high street but at the head office underwriter level. This means they are speaking to people with a bigger lending mandate and a knowledge of this sector contractors, and they use the contract to define a contractor’s income.