FAQs – Ask Bruno
Who will deal with my case?
The advisor is backed up by our full case management team.
We will always know where your case is up to at all times and we are available outside of office hours for you too.
It takes about 10-15 minutes to get started. Take the first step by giving us a call, or filling out the form below.
How long does it take to get fully approved?
If you feel the ‘need for speed’, we can avoid any slow coach lenders and recommend only those that can meet your deadline. Definitely needed where repossession purchases are concerned for example.
We’ve never believed in the old saying "no news is good news", because in this business it isn’t - we push things through as quickly as possible for you, unless of course you wish us to slow things down for your own reasons!
Can I let my own home to buy another? (Let to Buy)
The solution might be to get a buy to let mortgage for your current place, raising a deposit for the new home...but it will all depend on the amount of equity you have and of course what your end goal is. There is plenty to consider and so you need the right advice.
What will you charge me?
Whereas with larger loans we can consider not charging a broker fee dependent upon the complexities of the case.
Largely our fees are based on how complex the case is, and the expected level of work required to get you to completion. You will know our proposed fee from the get-go.
Our regular clients certainly think we are worth the money and keep coming back. You’ll see good value on your results based fee when using ourselves.
And of course, Bruno regularly receives thank-you bone treats from happy clients.
Why should I use you?
We only quote deals which fit your circumstances, we are flexible and can tailor our service to you, and don't have annoying company policy and red tape to get in your way....
We are always available and our priority is getting you the best deals and completing your case with the minimum of hassle and fuss.....and keeping it straightforward for you the whole time!
If you have any more questions to ask us and would prefer an emailed answer then please get in touch.
How do the new PRA regulations affect me?
So as well as there being a rental stress test on an individual property being purchased or remortgaged, there are also certain performance markers that your current buy to let property in the background must meet. There have been many changes in the industry and a few more barriers to break through, but lenders are certainly still lending and we're able to help most sensible propositions.
Mortgage Brokers have become polarised into those that haven't kept up with the changes, and therefore struggle to advise properly in the market, and those who have flourished under the changes and deal with larger portfolios and more complex scenarios in the limited company lending world. At The Buy to Let Broker, we're certainly in the latter category and well used to dealing with specialist lenders and complex scenarios every day.
Are you ‘whole of market’?
What sets a great broker apart, is knowing their way around all buy to let lenders products and criteria with total confidence, appreciating who will accept what, and who won’t – seeing potential problems before they occur.
Therefore how we use the tools at our disposal is what makes the difference.
We put in the hard work to find you the most competitive deal from the growing offering out there, and make sure we navigate the maze of criteria successfully for you. You can find more information on our approach on 'What's The Process' page.
Knowing buy to let inside out means we find you the right deal – and saves us having to backtrack to other lenders.
Are you FCA regulated?
We are fully authorised and regulated by the Financial Conduct Authority via our approved network HomeLoan Partnership Limited under ref 506579.
The Financial Conduct Authority does not regulate some forms of Buy to Lets.
See our full compliance details at the bottom of the page.
What information do you need from me to get started?
It takes about 10-15 minutes to get started. Take the first step by giving us a call, or filling out the form below.
What's the best rate for me?
...we can answer, but the figure is not necessarily relevant to you!
The mortgage quote needs to fit many parameters. Also, the best rate isn't always the best deal, and we can usually find something more cost effective when we look at the set up fees and view the deal as a whole. In other words the cheapest rates usually have the most expensive fees, and often aren't worth paying.
You can get a general idea on our Mortgage Rates page, but you'll need to give us a call, or email us to make sure you are eligible for it. We may also use our expertise to recommend any other mortgages suitable for your situation.
Buy To Let Mortgage FAQs
How many Buy To Lets can I have?
Also, in terms of how much any one lender will advance to you, again it varies, with some it depends on your credit score, others may only be happy with three in total.
Put it this way we do have options to get around this issue, however, lenders are becoming increasingly sensitive to large portfolios and smaller personal incomes. So it may become problematic for those with ten+ properties across a spread of lenders.
What’s the maximum age I can be for a Buy to Let?
Is it difficult to get a Buy to Let mortgage in the current market?
There are some obvious caveats to getting a landlord mortgage. You'll generally need a very good credit history, a decent deposit or equity of between 15-25%, most (but not all) lenders require a minimum income, say £20k to £25k but this can be joint in some cases. And your property must generally rent for a minimum of 125% of your monthly interest at a given rate, usually 5%-5.5%, although this can differ.
As we've mentioned before, it is a case of marrying you up with the right lenders who can help given your circumstances. So you need a specialist who knows the right places to look, can find the best schemes, knows the lenders criteria back to front and has the dedication to push it through from start to finish.
Now more than ever, you need to partner with a decent mortgage broker who is serious in this market.
Limited Company Mortgage FAQs
If you can’t make heads or tails of SPV Limited Company Mortgages, here’s our lowdown on the burning questions our clients have when looking to structure purchases this way.
Does my SPV company need a track record or trading history?
Is it tougher to get a company mortgage?
It's no different to a personal buy to let mortgage in general underwriting terms.
The strength of the application comes from the directors and majority shareholders themselves, rather than the Ltd company itself. Therefore trading accounts are not needed for new companies or SPVs.
Almost all limited company mortgages require personal guarantee's, this enables the lender to ignore the company itself and focus their borrowing decision from a personal perspective.
What's an SPV?
How should the company be set up for lending?
68209 – Other letting and operating of own or leased real estate
68320 – Management of real estate on a fee or contract basis
Although there may be something that suits your business more specifically. You'll find a comprehensive list here - SIC Codes
Does limited company borrowing require a larger deposit?
Is taking a Ltd company mortgage more expensive?
We are seeing new lenders enter the market and we have also seen the gap closed in terms of rate differential, so deals are already getting cheaper. Watch this space for the bigger players to enter the arena - how long that will take or whether they are certain to move over, time will tell.
Can a trading business be used to buy residential investment property with a mortgage?
How do lenders expect deposits to be structured?
Other ways to move cash to the newly created company include a transfer from your trading business. Again, talk to your accountant about the best way to make this happen, and we can ensure that the lender is accepting of the intended route.
Can I transfer personally owned properties to a limited company?
Despite the fact you may own 100% of the new business, your company would be an entirely different entity to yourself, so the word 'transfer' isn't accurate.
Your company would be undertaking a new purchase, and therefore this could trigger capital gains tax or CGT personally, and of course since it is a new acquisition, stamp duty would need to be paid by the purchasing business. So although it's a consideration, often it's an expensive move and other options take precedence.
We’re the leader of the pack when it comes to financing an HMO property and here we’ll run through some questions and answers to the most common questions we get asked for those looking to finance a house of multiple occupation (HMO).
What’s an HMO?
Are multi let and HMO mortgages more expensive than standard buy to lets?
With regard to licenced properties, some lenders allowing smaller HMO's only, say 4-5 bedrooms can often allow lending on their standard Buy to Let ranges also, so pricing isn't always impacted. It is true to say that you do need an expert here, a broker who understands what is allowed and what isn't. Otherwise, you could be declined upon survey having wasted a few hundred pounds. So far, we've discussed a lot of options that are available for multi-let and smaller HMO properties where pricing isn't always affected.
Once we hit 6 bedrooms plus whether licenced or the property doesn't need a licence, then yes, mortgage rates and fees tend to increase. This is mainly due to the perceived risk, and also that there is less competition in these markets and therefore less choice. Most buy to let lenders don't operate in the arena, and so the help of a specialist is often the best way to find what you want.
What’s the maximum number of bedrooms I can have in a HMO?
How competitive are HMO rates at the moment?
Is it more difficult to obtain an HMO mortgage?
For smaller HMO's and multi lets, if we're using a standard lender on standard rates, then there is no difference at all assuming the valuation fits within a lender's criteria.
Bridging Finance FAQs
If you are sniffing around for a fantastic Bridging Finance deal for your property purchase, here’s what you really need to know.
What are the advantages of a bridging loan?
- You can use multiple assets to secure higher funding.
- You can secure shorter, more flexible terms from as little as 1 - 36 months.
- Speed - you may be able to get the funding you need much faster than compared to other types of funding.
- In some cases, if you decide to repay the loan early you won’t be charged an early repayment fee.
How does a Bridging Finance Loan work?
Generally, it all starts with a quick call with one of our mortgage brokers. We will ask all of the right questions to better understand what you really need. We will then compare every available deal from every lender on the market to find you the very best deal. We’ll then zip this over to you in an email for you to digest in your own time.
Once you are ready and 100% happy with your deal, we’ll handle everything from the quote to completion. We may ask you for a few documents but we’ll handle all of the verification and submission to make the process easier and quicker. You’ll be kept up to date throughout the application, so you have 100% confidence. It is that simple.
What is the difference between regulated and unregulated bridging finance?
When it comes to Bridging Finance, a regulated bridging loan is a loan that is secured for a property that either yourself or any member of your immediate family does or will occupy and so will be liable for the FCA’s protection.
On the flip side, an unregulated Bridging Loan is a loan secured for commercial properties and will not come under the FCA’s protection.
How do I qualify for a bridging loan?
What types of Bridging Finance do you offer?
Do I have to make payments during the term of the Bridging Loan?
Understandably a large portion of developers opt for Retained or Rolled Up, as this will mean there are no monthly payments.
How quickly can I get a Bridging Finance Loan?
Can I repay my Bridging Loan early?
If You Still Have Questions, We Have Answers!
We give Bruno a round of ‘Appaws’ for his help but if you still haven’t found the answers you were looking for, simply pop your details in the form below and one of our mortgage advisors will be in touch shortly. If you are in a rush, you can also call us on 08009499410 now.