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The benefits of joint buy-to-let mortgages for landlords
1. First-time landlords or first time buyers.
A person who has never owned a property, either to live in or let out, may find only a limited choice of buy-to-let mortgages available to them. However, a wider range of finance options becomes available if they apply jointly with an existing owner-occupier or landlord. Most lenders only require that the first applicant currently owns a property.
For example, young adults who either cannot afford to buy their own home or prefer to rent, may jointly purchase a buy-to-let property with one of their parents in order to get a foot on the property ladder.
2. Pooling resources
Although it is possible to get a buy-to-let mortgage at 85% loan-to-value, these products are more expensive and options are limited. However, applicants with a larger deposit will have access to a much wider and cheaper selection of mortgages.
By pooling their resources, joint applicants may find themselves better off with more upfront to invest in their buy-to-let business.
3. Tax calculations
With the new buy-to-let tax changes coming into play in 2017, landlords will be looking to off-set their increased levy payments.
In some circumstances, it may be beneficial for landlords to own their properties jointly with a spouse. Profits derived from the property would be split between both applicants and if the spouse is in a lower tax bracket, this could reduce the overall tax bill.
It is important that landlords always seek professional advice regarding their individual tax affairs to assess the best way to deal with their buy-to-let investments.
Tel: 029 2069 5480
Web: http://www.propertytribesmortgages.co.uk*Community notice: For the avoidance of confusion, Property Tribes Mortgages is our "self service" option. Property Tribes Financial Services is our fully advised mortgage brokerage service*.
Tax affairs are the least of the problems!
Remember ANY joint financial agreement and your credit files get married for at least 6 years if not longer dependent on what happens while there is financial association.
It is easier to get divorced that to be able to financially disassociate!!
LL need to be very careful who they share their credit file status with.
" LL need to be very careful who they share their credit file status with. " Wise Words.
PTM give you a No4. change to tenants in common giving the lower earning person the majority of ownership. This increases there tax liabilities whilst decreaseing yours.
Though - Buy to Let in LTD Company route is the future.
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Due to clause 24 I will be moveng property into joint names with my wife ??? I am 16 years older than my wife and it also handy to exstend the term of some mortgags too
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Talk to a solicitor, transfering ownership can incur SDLT costs.