Buy to let Mortgage – Best Mortgage Brokers

Are you planning on purchasing or remortgaging an investment property and need a buy to let mortgage? Whether you have a large buy to let portfolio or are just renting out one property, it is a good idea to discuss your options with a local Mortgage Broker.

Independent Mortgage Advisers are experts in the buy to let market.

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt that is secured on it.

Buy to Let Remortgage

Remortgaging a buy to let property is a common way to release equity to purchase another investment property, raise funds for home improvements or simply secure a better interest rate to reduce mortgage payments and increase rental yield.

The information provided on this website is for information and guidance purposes only and does not represent financial advice. Financial advice is provided by our partner advisers who are regulated by the Financial Conduct Authority.

Residential Property Stamp Duty Rates

A purchaser pays Stamp Duty Land Tax (SDLT) on all residential purchases above £125,000. Property prices below £125,000 pay zero rate SDLT. Note that this only applies to residential property purchasers. The rates of stamp duty are as follows

£125,000 or below = 0%
£125,000.01 – £250,000 = 2%
£250,000.01 = £925,000 = 5%
£925,000.01 – £1,500,000 = 10%
Above £1,500,000.01 = 12%

For example, a property is purchased for £300,000.

First £125,000 = £0
2% between £125,000 and £250,000 = £2,500
5% between £250,000 and £300,000 = £2,500

Total stamp duty = £5,000.

Stamp Duty Rates for Buy to let Landlords

Buy to let landlords are set to be hit with an extra 3% stamp duty on the above rates from April 2016. In the above example of a £300,000 property purchase, stamp duty on the first £125,000 will be at 3% = £3,750. The next £125,000 will have a rate of 5% = £6,250. The final £50,000 will be taxed at 8% = £4,000. Total stamp duty tax = £14,000. That is a £9,000 increase.

It is not just landlords that will be hit but anyone owning a second home. This could be parents buying a property for their children or a couple setting up home where one is already a homeowner.

The higher rates will only apply to additional properties purchased in England, Wales and Northern Ireland on or after April 1 2016. Transactions below £40,000 are exempt as well as transactions involving houseboats and caravans.