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Buy to let mortgages

Goodfellows are able to help you find a buy-to-let mortgage through Embrace Financial Services. If you are looking at renting out a property which you are living in, or have lived in, you must let your mortgage lender know and obtain their permission.

If you are buying a property to rent out, don’t forget that you will incur the regular costs involved with buying – stamp duty, survey fees and solicitor, estate agents and lettings fees.  When you apply for a buy-to-let mortgage, you will need to know what your anticipated rental income will be. Try our calculator to find out what level of rent would be required.

Stamp Duty Bands for Buy-to-let/Second home

On 8th July 2020 the Government announced a stamp duty holiday to support the economy through the COVID-19 crisis. This holiday lasts until 31st March 2021.

People buying a buy-to-let property or second home still need to pay a 3% surcharge on the standard stamp duty rates.

 

Property valueSDLT
Up to £500,0003%
The next £425,000 (the amount from £500,001 to £925,000)8%
The next £575,000 (the portion from £925,001 to £1.5 million)13%
The remaining amount (the portion above £1.5 million)15%
Cost
Income

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Embrace Financial Services usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

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