Yes you can get a buy to let mortgage on a multi-unit property, however not all lenders will consider lending on this type of security as it is not a property type that can be easily sold to a single family. An example of a multi-unit property could be a single house which has been converted or split into two of more units, but the overall property is on a single title.
The lenders that usually accept this property type, will require for the individual units to be self-contained with separate access, own utilities, and they must not have individual leases on the units, if you are looking to lending against the whole building.
Some lenders will also require a minimum amount of landlord experience, before they will consider lending on this property type.
Most buy to let lenders will have separate HMO mortgage products. Hence if a property is a HMO, then you have to apply for a HMO mortgage on a HMO product.
Traditionally, these products tend to be more expensive than Standard Buy to Let properties and tend to be limited predominantly to specialist Buy to Let Lenders rather than the traditional high street banks.
In the event of a valid claim, income protection insurance pays a regular weekly or monthly income to those who are unable to work due to sickness or injury or those who have to switch to a lower-paid job due to sickness or injury. The main aim is to replace lost earnings, subject to a maximum limit.
The whole point of taking out a protection policy is to protect yourself and your family, why would you want to pay premiums for a policy which may never payout?
Insurers take any non-disclosure of requested information very seriously and have the right to investigate further if they feel that one of their applicants have not told the truth on their application. Some insurers can look at any point request medical information from your GP, and if the dates or condition(s) have not been disclosed, they can cancel the application so you would have paid your premiums for nothing.
It is very important, to make a full disclosure with regards to your health and lifestyle to ensure that in the event of a claim, the policy will pay out the benefit (sum assured).
A decreasing term assurance is the least expensive of the term assurance policies and repays your mortgage debt in the event of death during the period of the loan (s, this is also because the sum assured reduces in line with the outstanding mortgage debt.
All insurers will request information on your family (natural parents and siblings) medical history when insuring you. If your family members have type two diabetes, then some insurers may add a rating upon disclosure which means your monthly premium may increase. Insurers will also need to know about any history of heart attacks/stroke/angina or heart disease if a family member has both Diabetes and issues related to their Hearth than, you would likely be regarded as a greater risk.
Insurers also look at other factors such as your BMI, whether you have had any screenings for the condition(s) along with your age.
We will be able to indicate what your monthly payment may be, once we have completed all of our research so that you would know if an increased premium may apply and the reason for the increase.
To help you achieve the coverage, you require without going through the rigmarole of numerous applications; we can provide specific providers quotes that will offer the most favourable terms. You can then make a decision based on this, with no obligation to take the cover out.
Please remember: failure to disclose anything that is requested may result in the insurer cancelling your policy and not paying out.
There is a minimum age to buy life insurance; this limit can vary by insurers. Generally, the life insured will need to be at least 18 years old to take out a financial contract such as an insurance policy.
We work with a large number of lenders that offer mortgages where there have been issues with credit in the past.
The rules around Buy to Let mortgages were changed in 2017 by the Prudential Regulation Authority (PRA). They defined a portfolio landlord as an individual who has more than four mortgaged properties.
Whether you own investment properties, solely, jointly or in a Limited Company, the team at Key Life Financial Services are well versed and experienced in this area and, can provide you bespoke and specialist advice tailored to your circumstances.
There are three repayment methods available:
Capital & Interest – Your monthly payments will include repayment of the capital (loan amount borrowed) and interest. Your mortgage will reduce over time and will be repaid in full at the end of the term.
Interest Only – Your monthly payments will only pay the interest charges on your loan, and not any of the capital borrowed. Your outstanding mortgage balance will not reduce over the mortgage term and will still need to be repaid off in full at the end of your mortgage term.
Part Interest Only/ Part Repayment – This is a combination of capital repayment and interest only. The capital repayment element will be paid off by the end of the term. However, the interest-only element will still need to be repaid off in full at the end of the mortgage term.
