Landlords looking to diversify their portfolios should be happy with The Nottingham for Intermediaries’ new buy-to-let mortgage options. The star plans are both 2-year fixes with one at 2.76% and a £999 fee and a 2.79 with a 0.50% fee. Both are to 75% LTV.
Who Will Benefit From This?
Any landlord with a limited company will find these new options helpful. Recent changes to mortgage interest should make these new plans more appealing. These new plans are also designed to help out brokers with a dedicated portal and underwriters along with regional managers. Property management will still need to be handled with proper property management software.
Both new mortgages and remortgages will be offered. This means that any landlord looking to restructure as a limited company is in luck, as well as any broker they choose to use. Brokers are also in luck because all plans offer a 0.55% broker procuration fee built-in.
A Quick Look At Plans
The four new options are as follows:
- Two-year fixed at 1.69% with a £999 fee
- Two-year fixed at 2.09% with no fee
- Five-year fixed at 2.04% with a £1,999 fee
- Five-year fixed at 2.28% with no fee
The rates on The Nottingham’s 65% LTV £999 fee five-year product have also dropped from 2.40% to 1.94% with a fee of £1,999. Buy-to-let applications have also been widened to allow for purchases and remortgages.
What Will This Mean?
With the new tax benefits, many landlords will be looking into restructuring to take advantage. Brokers should jump in the chance and connect clients with all the competitive mortgage options available on the market. New and existing portals for brokers as well as private individuals will make buying these new products easier than ever.
Landlords looking to expand their rentals in the improved housing market that 2020 is shaping up to be will need to be on top of their financial options and consult to ensure they’re getting the best deals and tax benefits. Given the expanded market, properties will be snatched up yet and right so people looking to buy new rental properties should have all their ducks in a row before they start shopping.
Property management will be essential for anyone with multiple properties. With more properties, you might not be able to handle it on your own. There are professionals who can be hired, though some with fewer properties might find that can manage it with property management software. Be sure to pick for ease of use and check reviews to ensure you’re getting the best product for your needs.
The market for 2020 will be an interesting one for any investors and landlords out there. The demand will only continue until supply catches up and anyone jumping in at the right moment can see incredible returns on their investments. With new mortgage options, anyone looking to buy properties will have great options to finance their purchases.