Are you looking for a Buy To Let Mortgage in Spalding? You’ve ended up in the right place. Talk Mortgage Broker Spalding is one of Spalding’s leading Mortgage Brokers, and we are here to help provide you with the best options for you.
What are the tax implications of owning a Buy to Let?
Running a Buy-to-Let property means you must complete an annual tax return by Self-Assessment. Buy to Let is less tax efficient today than it once was.
A further tax-related concern is that if you sell your rental property, it will be subject to Capital Gains Tax. You will also be eligible for additional stamp duty: a Buy to Let property costs an extra 3% in duty. It’s essential to seek professional financial advice about the tax benefits and implications – and we can help you with that.
Buy to Let mortgage types
Start by deciding whether you want a repayment mortgage or an interest-only mortgage. With a repayment mortgage, you pay off both the interest and capital each month – meaning you’ll own the property at the end of the mortgage term. With an interest-only mortgage, you pay just the interest – keeping your monthly payments lower than a repayment mortgage – but you’ll have to pay off the capital in a lump sum at the end.
If you opt for an interest-only mortgage, lenders will be keen to understand how you intend to pay off the capital, for example, by selling the property or from regular savings or investments.
Getting the most valuable deal with a buy to let mortgage involves a fair bit of research and comparison. Talk Mortgage Spalding will do all the legwork for you – we explore your specific situation and find good value deals to meet your needs. We’ll look at rates, fees and criteria to recommend a suitable first buyer mortgage deal.