Lloyds Bank – Mortgages – Buy To Let Mortgages #mortgage #calculator #canada


#best mortgages

#

Buying to let

Making buy-to-let mortgages easy

You could apply for a buy-to-let mortgage if:

  • You are at least 25 years old
  • You will not be over 75 years old at the end of your mortgage term
  • This is not your first mortgage
  • The property is in good condition and not divided into separate units
  • Your property is being used for rental purposes

You can take out a maximum of three buy-to-let mortgages or borrow up to 2 million across the Lloyds Banking Group. This includes the following brands: Birmingham Midshires, Halifax, Bank of Scotland, Intelligent Finance, Lloyds Bank, The Mortgage Business (TMB) and Scottish Widows Bank.

It s important that you can afford your personal commitments so that the rental income can be used to cover the Buy to Let mortgage and other property costs.

In some cases we ll also look at your personal income, and may take into consideration the additional cost of an increased tax liability for some customers as a result of changes in tax legislation. These changes will begin to take effect in 2017 and be fully implemented by 2020 and, as a responsible lender, we must consider how they might affect the future sustainability of your borrowing.

View our current rates and compare our mortgages

You can use our mortgage finder tool to view our current rates. By providing your property value and mortgage amount we can show you the deals that match.

We currently only offer fixed rate mortgages. Variable rate mortgages, which include tracker mortgages are not available.

What is a buy-to-let mortgage?

A buy-to-let mortgage is a loan you can take out to buy an investment property that you or your family won t live in and that you intend to rent out to tenants. We call this business buy-to-let.

Can first time buyers apply for a buy-to-let?

No, these products are not available to first time buyers. Taking out a mortgage is one of the many risks of investing in buy-to-let properties. So before you enter the market you should be an experienced house buyer and have fully researched investment properties.

How much could I borrow?

The most you could borrow is linked to the amount of rental income our surveyor thinks you could earn. The annual rental income must equate to a minimum of 125% of the annual (interest-only) mortgage payments based on the higher of a notional interest rate or the initial rate for the mortgage deal.

The notional rate is either 4.99% or 5.49%, dependent upon the loan to value (LTV), or the initial mortgage rate whichever is higher. For 5 year fixed rates the notional rate is 4.99%.

What is the lending criteria for a buy-to-let mortgage?

Age – You must be at least 25 years old and not over 75 years at the end of your mortgage term.

Deposit – Minimum 25% (property value or purchase price, if lower).

Maximum lending – You can borrow up to 2 million from Lloyds Banking Group across a maximum of three buy-to-let mortgages. The maximum loan size on a single buy-to-let property is 1 million.

Current Residential Status – At least one person named on the loan must currently own a property in the UK.

What are the risks I should be aware of?

Buy-to-let mortgages are secured against the rental property, so it’s important that you keep up your repayments. If you don’t keep up your repayments there is the risk that your rental property could be repossessed.

What buy-to-let mortgage deals are available?

Our current mortgage deals are based on how much mortgage you need in relation to how much your property is worth. This is known as your loan to value (LTV) and it’s expressed as a percentage figure. If you check all our current rates there’ll only be certain mortgages which fit your loan to value band.

Will I be charged any fees?

You may be charged a mortgage account fee which is an interest-free fee charged on new mortgage completions. Depending on the mortgage product, there may be a product fee to pay. You’ll need to check our current rates for full details.

Any product fees can usually be added on to your mortgage on completion. There could be other charges and standard costs which you may have to pay during the life of your mortgage. You will be charged interest on any fees, charges and standard costs added to your loan.

What should I consider when choosing which property to buy?

Tenants – think carefully about the type of tenant you want to attract e.g. young professionals, families or sharers. Considering this may help you to decide on the type of property you purchase and its location. The property should be let on a single assured shorthold tenancy (in England and Wales), a short assured tenancy (in Scotland) or a private tenancy (in Northern Ireland). A maximum tenancy of 3 years is acceptable when the tenancy is in the form of a Department for Communities and Local Government (DCLG) model agreement of September 2014 (or as amended) or the Scottish Equivalent or such other replacement tenancies as may be prescribed by legislation from time to time.

Location – do your research and visit lots of different areas. Location is an important consideration and will often determine the type of tenant you will let to. Don t necessarily buy locally to your home.

Think about prosperous towns which might attract a higher demand for rental property. Once you have chosen an area consider the locality, think about transport links, parking, shops, schools and other local facilities pick the brains of letting agents for information about areas where properties may be easier to rent.

Condition of the property – if you are buying a property which needs improvements restrictions could be placed on the amount you can borrow and it could also delay how quickly you can let the property out. Can you afford the mortgage payments during the renovation period?

Rental income – do your homework, talk to local letting agents, check the local press to find out comparable rental values. The mortgage valuation will include an estimate of the rental income of the property on an unfurnished basis. But remember, there are no guarantees of what rental income you will get or if the property will rise in value over time.

What are the tax implications of rental income from a buy-to-let property?

You will have to declare rental income on your tax return so you should keep a record of rental payments received and any associated expenditure for the rental property. As a result of tax legislation which will begin to take effect in 2017 and be fully implemented by 2020, finance costs will not be tax deductible but tax relief can be claimed at the basic rate.

We cannot offer tax advice and you should refer to an accountant who will be able to ensure that HMRC are properly advised and all allowable expenses and allowances are correctly identified.

Important legal information

Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 119278. Telephone calls may be monitored or recorded.


Lloyds Bank – Mortgages – Mortgage Deals For First Time Buyers #home #equity #loans


#first time mortgage

#

First time buyer mortgages

5. Your interview with a mortgage adviser

Average time: 2 hours

If you are applying with someone else, make sure you are both available as this will save time. In preparation for your interview you ll need to:

  • Prepare the documents you ll need such as payslips, bank statements, details of any financial commitments or bonus, and proof of your identity
  • Bring details of the property you want to buy

At the interview your Mortgage Adviser will:

  • Complete background checks with a Credit Reference Agency
  • Talk to you about valuation schemes
  • Review your income and commitments
  • Review your needs and circumstances and recommend our most suitable mortgage for you
  • Give you an Illustration, which sets out the terms of the mortgage product and the total cost of the loan.

In Scotland sellers must provide a Home Report which includes survey, Energy Performance Certificate and Property Questionnaire.

When all this is done and if everything is ok, we ll write to make you a mortgage offer.

6. You ll need a Solicitor or Licensed Conveyancer

Average time: 2-3 months

The legal side of buying or selling a property can be carried out by either a solicitor or licensed conveyancer , for simplicity we refer to both of these as conveyancer . They will check who owns the property you want to buy, what s included in the sale, and whether there are any clauses in the property s deeds you or your lender need to be aware of. In Scotland your solicitor will also put in your offer to buy the property and negotiate for you.

You ll need to:

  • Get an estimate from them of costs, including any legal fees and tax
  • Ask your conveyancer to explain anything in your Mortgage Offer you don t understand
  • Ask your conveyancer to confirm any Stamp Duty charge payable
  • Tell your conveyancer if you have negotiated for any items such as curtains, carpets or kitchen appliances to be included in the sale
  • Make sure you read any documents your conveyancer sends you very carefully.
  • You and the seller, known as the vendor
  • Seller s estate agent
  • Your conveyancer and the seller s conveyancer
  • Your lender.

You can appoint your own conveyancer, or your mortgage adviser can help arrange this during your mortgage appointment using the Lloyds Conveyancing Service .

The Lloyds Conveyancing Service is a comparison tool that gives you quotes, covering all known legal costs, from our approved panel of over 200 conveyancing professionals. You can review the quotes and choose a conveyancer based on what matters to you – the price, the firm’s location or their service rating.

All conveyancers instructed through the Lloyds Conveyancing Service offer a ‘no completion, no legal fee’ guarantee, so you’ll have nothing to pay for the legal work done if the purchase falls through. No legal fee is payable, however if the conveyancer has made payments to third parties on your behalf, such as fees for searches, these will still be payable.

Using the Lloyds Conveyancing Service isn t a requirement of applying for a mortgage with us and inclusion of a firm on our eConveyancing panel does not constitute a recommendation or endorsement of that firm by Lloyds Bank.

7. You’re about to exchange contracts

Average time: Usually takes place in one day.

When you have read all the documents your conveyancer will ask you if you are happy to proceed with the purchase. They will then ask you to sign the contract. When everyone is ready contracts will be exchanged, usually by phone, to form a binding legal agreement to buy and sell.

You ll need to:

  • Make sure you have given your conveyancer the money they will need to pay as a deposit on exchange of contracts
  • Sign the contract sent to you by your conveyancer (In Scotland, you exchange ‘missives’ which are letters of exchange with the sellers conveyancer)
  • Give your conveyancer a date on which you wish to complete the process
  • Make sure you have buildings insurance.
  • Your conveyancer and the seller s conveyancer
  • Once you ve exchanged contracts (In Scotland concluded missives) you can start to make arrangements for moving.

8. Pick up the keys to your new home!

After exchange your conveyancer will ask you to sign the mortgage deed and the document to transfer your new home to you. They will also apply to us for the mortgage money and ask you for any balance they need to complete your purchase.

Your conveyancer will call you to confirm the legal process is complete. You can then pick up the keys to your new home.

Congratulations! You now own your first home.


Lloyds Bank – Mortgages – Mortgage Deals For First Time Buyers #interest #calculator #mortgage


#first time mortgage

#

First time buyer mortgages

5. Your interview with a mortgage adviser

Average time: 2 hours

If you are applying with someone else, make sure you are both available as this will save time. In preparation for your interview you ll need to:

  • Prepare the documents you ll need such as payslips, bank statements, details of any financial commitments or bonus, and proof of your identity
  • Bring details of the property you want to buy

At the interview your Mortgage Adviser will:

  • Complete background checks with a Credit Reference Agency
  • Talk to you about valuation schemes
  • Review your income and commitments
  • Review your needs and circumstances and recommend our most suitable mortgage for you
  • Give you an Illustration, which sets out the terms of the mortgage product and the total cost of the loan.

In Scotland sellers must provide a Home Report which includes survey, Energy Performance Certificate and Property Questionnaire.

When all this is done and if everything is ok, we ll write to make you a mortgage offer.

6. You ll need a Solicitor or Licensed Conveyancer

Average time: 2-3 months

The legal side of buying or selling a property can be carried out by either a solicitor or licensed conveyancer , for simplicity we refer to both of these as conveyancer . They will check who owns the property you want to buy, what s included in the sale, and whether there are any clauses in the property s deeds you or your lender need to be aware of. In Scotland your solicitor will also put in your offer to buy the property and negotiate for you.

You ll need to:

  • Get an estimate from them of costs, including any legal fees and tax
  • Ask your conveyancer to explain anything in your Mortgage Offer you don t understand
  • Ask your conveyancer to confirm any Stamp Duty charge payable
  • Tell your conveyancer if you have negotiated for any items such as curtains, carpets or kitchen appliances to be included in the sale
  • Make sure you read any documents your conveyancer sends you very carefully.
  • You and the seller, known as the vendor
  • Seller s estate agent
  • Your conveyancer and the seller s conveyancer
  • Your lender.

You can appoint your own conveyancer, or your mortgage adviser can help arrange this during your mortgage appointment using the Lloyds Conveyancing Service .

The Lloyds Conveyancing Service is a comparison tool that gives you quotes, covering all known legal costs, from our approved panel of over 200 conveyancing professionals. You can review the quotes and choose a conveyancer based on what matters to you – the price, the firm’s location or their service rating.

All conveyancers instructed through the Lloyds Conveyancing Service offer a ‘no completion, no legal fee’ guarantee, so you’ll have nothing to pay for the legal work done if the purchase falls through. No legal fee is payable, however if the conveyancer has made payments to third parties on your behalf, such as fees for searches, these will still be payable.

Using the Lloyds Conveyancing Service isn t a requirement of applying for a mortgage with us and inclusion of a firm on our eConveyancing panel does not constitute a recommendation or endorsement of that firm by Lloyds Bank.

7. You’re about to exchange contracts

Average time: Usually takes place in one day.

When you have read all the documents your conveyancer will ask you if you are happy to proceed with the purchase. They will then ask you to sign the contract. When everyone is ready contracts will be exchanged, usually by phone, to form a binding legal agreement to buy and sell.

You ll need to:

  • Make sure you have given your conveyancer the money they will need to pay as a deposit on exchange of contracts
  • Sign the contract sent to you by your conveyancer (In Scotland, you exchange ‘missives’ which are letters of exchange with the sellers conveyancer)
  • Give your conveyancer a date on which you wish to complete the process
  • Make sure you have buildings insurance.
  • Your conveyancer and the seller s conveyancer
  • Once you ve exchanged contracts (In Scotland concluded missives) you can start to make arrangements for moving.

8. Pick up the keys to your new home!

After exchange your conveyancer will ask you to sign the mortgage deed and the document to transfer your new home to you. They will also apply to us for the mortgage money and ask you for any balance they need to complete your purchase.

Your conveyancer will call you to confirm the legal process is complete. You can then pick up the keys to your new home.

Congratulations! You now own your first home.


Lloyds Bank – UK Loans – Loan Calculator & Interest Rates #pre #approval #mortgage


#loan calculator

#

Loan calculator

Your personal rate will depend on the loan amount and term you request and your personal circumstances. In order to get your personal rate, please log in to Internet Banking or select the Get your personal quote option.

APR illustrative

For the amount and term selected the majority of customers are expected to receive the APR illustrative rate or lower.

For loan terms more than 5 years log in to get a personalised quotation – it will only take a minute and there’s no credit footprint.

Our loans are available online to Lloyds Bank current account holders who have had an account for at least three months.

You can also get a quote and apply if you have a Lloyds credit card, mortgage or loan. Call us on 0800 068 1191 Call telephone number 0800 068 1191 to find out more. Lines are open 7 days a week from 8am to 10pm.

If you are applying online, the funds will be transferred to your bank account immediately between the hours of 9:00am and 8:30pm, or before 9am the following day outside these times.

Important legal information

Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Authorisation can be checked on the Financial Services Register at www.fca.org.uk Visit the Financial Conduct Authority website. Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). We subscribe to the Lending Code; copies of the code can be obtained from www.lendingstandardsboard.org.uk Visit the Lending Standards Board website .

Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065.

Calls may be monitored or recorded.


Lloyds Bank – Mortgages – Mortgage Deals For First Time Buyers #loan #rates #today


#first time mortgage

#

First time buyer mortgages

5. Your interview with a mortgage adviser

Average time: 2 hours

If you are applying with someone else, make sure you are both available as this will save time. In preparation for your interview you ll need to:

  • Prepare the documents you ll need such as payslips, bank statements, details of any financial commitments or bonus, and proof of your identity
  • Bring details of the property you want to buy

At the interview your Mortgage Adviser will:

  • Complete background checks with a Credit Reference Agency
  • Talk to you about valuation schemes
  • Review your income and commitments
  • Review your needs and circumstances and recommend our most suitable mortgage for you
  • Give you an Illustration, which sets out the terms of the mortgage product and the total cost of the loan.

In Scotland sellers must provide a Home Report which includes survey, Energy Performance Certificate and Property Questionnaire.

When all this is done and if everything is ok, we ll write to make you a mortgage offer.

6. You ll need a Solicitor or Licensed Conveyancer

Average time: 2-3 months

The legal side of buying or selling a property can be carried out by either a solicitor or licensed conveyancer , for simplicity we refer to both of these as conveyancer . They will check who owns the property you want to buy, what s included in the sale, and whether there are any clauses in the property s deeds you or your lender need to be aware of. In Scotland your solicitor will also put in your offer to buy the property and negotiate for you.

You ll need to:

  • Get an estimate from them of costs, including any legal fees and tax
  • Ask your conveyancer to explain anything in your Mortgage Offer you don t understand
  • Ask your conveyancer to confirm any Stamp Duty charge payable
  • Tell your conveyancer if you have negotiated for any items such as curtains, carpets or kitchen appliances to be included in the sale
  • Make sure you read any documents your conveyancer sends you very carefully.
  • You and the seller, known as the vendor
  • Seller s estate agent
  • Your conveyancer and the seller s conveyancer
  • Your lender.

You can appoint your own conveyancer, or your mortgage adviser can help arrange this during your mortgage appointment using the Lloyds Conveyancing Service .

The Lloyds Conveyancing Service is a comparison tool that gives you quotes, covering all known legal costs, from our approved panel of over 200 conveyancing professionals. You can review the quotes and choose a conveyancer based on what matters to you – the price, the firm’s location or their service rating.

All conveyancers instructed through the Lloyds Conveyancing Service offer a ‘no completion, no legal fee’ guarantee, so you’ll have nothing to pay for the legal work done if the purchase falls through. No legal fee is payable, however if the conveyancer has made payments to third parties on your behalf, such as fees for searches, these will still be payable.

Using the Lloyds Conveyancing Service isn t a requirement of applying for a mortgage with us and inclusion of a firm on our eConveyancing panel does not constitute a recommendation or endorsement of that firm by Lloyds Bank.

7. You’re about to exchange contracts

Average time: Usually takes place in one day.

When you have read all the documents your conveyancer will ask you if you are happy to proceed with the purchase. They will then ask you to sign the contract. When everyone is ready contracts will be exchanged, usually by phone, to form a binding legal agreement to buy and sell.

You ll need to:

  • Make sure you have given your conveyancer the money they will need to pay as a deposit on exchange of contracts
  • Sign the contract sent to you by your conveyancer (In Scotland, you exchange ‘missives’ which are letters of exchange with the sellers conveyancer)
  • Give your conveyancer a date on which you wish to complete the process
  • Make sure you have buildings insurance.
  • Your conveyancer and the seller s conveyancer
  • Once you ve exchanged contracts (In Scotland concluded missives) you can start to make arrangements for moving.

8. Pick up the keys to your new home!

After exchange your conveyancer will ask you to sign the mortgage deed and the document to transfer your new home to you. They will also apply to us for the mortgage money and ask you for any balance they need to complete your purchase.

Your conveyancer will call you to confirm the legal process is complete. You can then pick up the keys to your new home.

Congratulations! You now own your first home.


Lloyds Bank – Mortgages – Mortgage Deals For First Time Buyers #home #loan #rate


#first time mortgage

#

First time buyer mortgages

5. Your interview with a mortgage adviser

Average time: 2 hours

If you are applying with someone else, make sure you are both available as this will save time. In preparation for your interview you ll need to:

  • Prepare the documents you ll need such as payslips, bank statements, details of any financial commitments or bonus, and proof of your identity
  • Bring details of the property you want to buy

At the interview your Mortgage Adviser will:

  • Complete background checks with a Credit Reference Agency
  • Talk to you about valuation schemes
  • Review your income and commitments
  • Review your needs and circumstances and recommend our most suitable mortgage for you
  • Give you an Illustration, which sets out the terms of the mortgage product and the total cost of the loan.

In Scotland sellers must provide a Home Report which includes survey, Energy Performance Certificate and Property Questionnaire.

When all this is done and if everything is ok, we ll write to make you a mortgage offer.

6. You ll need a Solicitor or Licensed Conveyancer

Average time: 2-3 months

The legal side of buying or selling a property can be carried out by either a solicitor or licensed conveyancer , for simplicity we refer to both of these as conveyancer . They will check who owns the property you want to buy, what s included in the sale, and whether there are any clauses in the property s deeds you or your lender need to be aware of. In Scotland your solicitor will also put in your offer to buy the property and negotiate for you.

You ll need to:

  • Get an estimate from them of costs, including any legal fees and tax
  • Ask your conveyancer to explain anything in your Mortgage Offer you don t understand
  • Ask your conveyancer to confirm any Stamp Duty charge payable
  • Tell your conveyancer if you have negotiated for any items such as curtains, carpets or kitchen appliances to be included in the sale
  • Make sure you read any documents your conveyancer sends you very carefully.
  • You and the seller, known as the vendor
  • Seller s estate agent
  • Your conveyancer and the seller s conveyancer
  • Your lender.

You can appoint your own conveyancer, or your mortgage adviser can help arrange this during your mortgage appointment using the Lloyds Conveyancing Service .

The Lloyds Conveyancing Service is a comparison tool that gives you quotes, covering all known legal costs, from our approved panel of over 200 conveyancing professionals. You can review the quotes and choose a conveyancer based on what matters to you – the price, the firm’s location or their service rating.

All conveyancers instructed through the Lloyds Conveyancing Service offer a ‘no completion, no legal fee’ guarantee, so you’ll have nothing to pay for the legal work done if the purchase falls through. No legal fee is payable, however if the conveyancer has made payments to third parties on your behalf, such as fees for searches, these will still be payable.

Using the Lloyds Conveyancing Service isn t a requirement of applying for a mortgage with us and inclusion of a firm on our eConveyancing panel does not constitute a recommendation or endorsement of that firm by Lloyds Bank.

7. You’re about to exchange contracts

Average time: Usually takes place in one day.

When you have read all the documents your conveyancer will ask you if you are happy to proceed with the purchase. They will then ask you to sign the contract. When everyone is ready contracts will be exchanged, usually by phone, to form a binding legal agreement to buy and sell.

You ll need to:

  • Make sure you have given your conveyancer the money they will need to pay as a deposit on exchange of contracts
  • Sign the contract sent to you by your conveyancer (In Scotland, you exchange ‘missives’ which are letters of exchange with the sellers conveyancer)
  • Give your conveyancer a date on which you wish to complete the process
  • Make sure you have buildings insurance.
  • Your conveyancer and the seller s conveyancer
  • Once you ve exchanged contracts (In Scotland concluded missives) you can start to make arrangements for moving.

8. Pick up the keys to your new home!

After exchange your conveyancer will ask you to sign the mortgage deed and the document to transfer your new home to you. They will also apply to us for the mortgage money and ask you for any balance they need to complete your purchase.

Your conveyancer will call you to confirm the legal process is complete. You can then pick up the keys to your new home.

Congratulations! You now own your first home.


Lloyds Bank – Mortgages – Buy To Let Mortgages #mortgage #estimator


#best mortgages

#

Buying to let

Making buy-to-let mortgages easy

You could apply for a buy-to-let mortgage if:

  • You are at least 25 years old
  • You will not be over 75 years old at the end of your mortgage term
  • This is not your first mortgage
  • The property is in good condition and not divided into separate units
  • Your property is being used for rental purposes

You can take out a maximum of three buy-to-let mortgages or borrow up to 2 million across the Lloyds Banking Group. This includes the following brands: Birmingham Midshires, Halifax, Bank of Scotland, Intelligent Finance, Lloyds Bank, The Mortgage Business (TMB) and Scottish Widows Bank.

It s important that you can afford your personal commitments so that the rental income can be used to cover the Buy to Let mortgage and other property costs.

In some cases we ll also look at your personal income, and may take into consideration the additional cost of an increased tax liability for some customers as a result of changes in tax legislation. These changes will begin to take effect in 2017 and be fully implemented by 2020 and, as a responsible lender, we must consider how they might affect the future sustainability of your borrowing.

View our current rates and compare our mortgages

You can use our mortgage finder tool to view our current rates. By providing your property value and mortgage amount we can show you the deals that match.

We currently only offer fixed rate mortgages. Variable rate mortgages, which include tracker mortgages are not available.

What is a buy-to-let mortgage?

A buy-to-let mortgage is a loan you can take out to buy an investment property that you or your family won t live in and that you intend to rent out to tenants. We call this business buy-to-let.

Can first time buyers apply for a buy-to-let?

No, these products are not available to first time buyers. Taking out a mortgage is one of the many risks of investing in buy-to-let properties. So before you enter the market you should be an experienced house buyer and have fully researched investment properties.

How much could I borrow?

The most you could borrow is linked to the amount of rental income our surveyor thinks you could earn. The annual rental income must equate to a minimum of 125% of the annual (interest-only) mortgage payments based on the higher of a notional interest rate or the initial rate for the mortgage deal.

The notional rate is either 4.99% or 5.49%, dependent upon the loan to value (LTV), or the initial mortgage rate whichever is higher. For 5 year fixed rates the notional rate is 4.99%.

What is the lending criteria for a buy-to-let mortgage?

Age – You must be at least 25 years old and not over 75 years at the end of your mortgage term.

Deposit – Minimum 25% (property value or purchase price, if lower).

Maximum lending – You can borrow up to 2 million from Lloyds Banking Group across a maximum of three buy-to-let mortgages. The maximum loan size on a single buy-to-let property is 1 million.

Current Residential Status – At least one person named on the loan must currently own a property in the UK.

What are the risks I should be aware of?

Buy-to-let mortgages are secured against the rental property, so it’s important that you keep up your repayments. If you don’t keep up your repayments there is the risk that your rental property could be repossessed.

What buy-to-let mortgage deals are available?

Our current mortgage deals are based on how much mortgage you need in relation to how much your property is worth. This is known as your loan to value (LTV) and it’s expressed as a percentage figure. If you check all our current rates there’ll only be certain mortgages which fit your loan to value band.

Will I be charged any fees?

You may be charged a mortgage account fee which is an interest-free fee charged on new mortgage completions. Depending on the mortgage product, there may be a product fee to pay. You’ll need to check our current rates for full details.

Any product fees can usually be added on to your mortgage on completion. There could be other charges and standard costs which you may have to pay during the life of your mortgage. You will be charged interest on any fees, charges and standard costs added to your loan.

What should I consider when choosing which property to buy?

Tenants – think carefully about the type of tenant you want to attract e.g. young professionals, families or sharers. Considering this may help you to decide on the type of property you purchase and its location. The property should be let on a single assured shorthold tenancy (in England and Wales), a short assured tenancy (in Scotland) or a private tenancy (in Northern Ireland). A maximum tenancy of 3 years is acceptable when the tenancy is in the form of a Department for Communities and Local Government (DCLG) model agreement of September 2014 (or as amended) or the Scottish Equivalent or such other replacement tenancies as may be prescribed by legislation from time to time.

Location – do your research and visit lots of different areas. Location is an important consideration and will often determine the type of tenant you will let to. Don t necessarily buy locally to your home.

Think about prosperous towns which might attract a higher demand for rental property. Once you have chosen an area consider the locality, think about transport links, parking, shops, schools and other local facilities pick the brains of letting agents for information about areas where properties may be easier to rent.

Condition of the property – if you are buying a property which needs improvements restrictions could be placed on the amount you can borrow and it could also delay how quickly you can let the property out. Can you afford the mortgage payments during the renovation period?

Rental income – do your homework, talk to local letting agents, check the local press to find out comparable rental values. The mortgage valuation will include an estimate of the rental income of the property on an unfurnished basis. But remember, there are no guarantees of what rental income you will get or if the property will rise in value over time.

What are the tax implications of rental income from a buy-to-let property?

You will have to declare rental income on your tax return so you should keep a record of rental payments received and any associated expenditure for the rental property. As a result of tax legislation which will begin to take effect in 2017 and be fully implemented by 2020, finance costs will not be tax deductible but tax relief can be claimed at the basic rate.

We cannot offer tax advice and you should refer to an accountant who will be able to ensure that HMRC are properly advised and all allowable expenses and allowances are correctly identified.

Important legal information

Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 119278. Telephone calls may be monitored or recorded.


Lloyds Bank – Mortgages – Mortgage Deals For First Time Buyers #mortgage #calculator #online


#first time mortgage

#

First time buyer mortgages

5. Your interview with a mortgage adviser

Average time: 2 hours

If you are applying with someone else, make sure you are both available as this will save time. In preparation for your interview you ll need to:

  • Prepare the documents you ll need such as payslips, bank statements, details of any financial commitments or bonus, and proof of your identity
  • Bring details of the property you want to buy

At the interview your Mortgage Adviser will:

  • Complete background checks with a Credit Reference Agency
  • Talk to you about valuation schemes
  • Review your income and commitments
  • Review your needs and circumstances and recommend our most suitable mortgage for you
  • Give you an Illustration, which sets out the terms of the mortgage product and the total cost of the loan.

In Scotland sellers must provide a Home Report which includes survey, Energy Performance Certificate and Property Questionnaire.

When all this is done and if everything is ok, we ll write to make you a mortgage offer.

6. You ll need a Solicitor or Licensed Conveyancer

Average time: 2-3 months

The legal side of buying or selling a property can be carried out by either a solicitor or licensed conveyancer , for simplicity we refer to both of these as conveyancer . They will check who owns the property you want to buy, what s included in the sale, and whether there are any clauses in the property s deeds you or your lender need to be aware of. In Scotland your solicitor will also put in your offer to buy the property and negotiate for you.

You ll need to:

  • Get an estimate from them of costs, including any legal fees and tax
  • Ask your conveyancer to explain anything in your Mortgage Offer you don t understand
  • Ask your conveyancer to confirm any Stamp Duty charge payable
  • Tell your conveyancer if you have negotiated for any items such as curtains, carpets or kitchen appliances to be included in the sale
  • Make sure you read any documents your conveyancer sends you very carefully.
  • You and the seller, known as the vendor
  • Seller s estate agent
  • Your conveyancer and the seller s conveyancer
  • Your lender.

You can appoint your own conveyancer, or your mortgage adviser can help arrange this during your mortgage appointment using the Lloyds Conveyancing Service .

The Lloyds Conveyancing Service is a comparison tool that gives you quotes, covering all known legal costs, from our approved panel of over 200 conveyancing professionals. You can review the quotes and choose a conveyancer based on what matters to you – the price, the firm’s location or their service rating.

All conveyancers instructed through the Lloyds Conveyancing Service offer a ‘no completion, no legal fee’ guarantee, so you’ll have nothing to pay for the legal work done if the purchase falls through. No legal fee is payable, however if the conveyancer has made payments to third parties on your behalf, such as fees for searches, these will still be payable.

Using the Lloyds Conveyancing Service isn t a requirement of applying for a mortgage with us and inclusion of a firm on our eConveyancing panel does not constitute a recommendation or endorsement of that firm by Lloyds Bank.

7. You’re about to exchange contracts

Average time: Usually takes place in one day.

When you have read all the documents your conveyancer will ask you if you are happy to proceed with the purchase. They will then ask you to sign the contract. When everyone is ready contracts will be exchanged, usually by phone, to form a binding legal agreement to buy and sell.

You ll need to:

  • Make sure you have given your conveyancer the money they will need to pay as a deposit on exchange of contracts
  • Sign the contract sent to you by your conveyancer (In Scotland, you exchange ‘missives’ which are letters of exchange with the sellers conveyancer)
  • Give your conveyancer a date on which you wish to complete the process
  • Make sure you have buildings insurance.
  • Your conveyancer and the seller s conveyancer
  • Once you ve exchanged contracts (In Scotland concluded missives) you can start to make arrangements for moving.

8. Pick up the keys to your new home!

After exchange your conveyancer will ask you to sign the mortgage deed and the document to transfer your new home to you. They will also apply to us for the mortgage money and ask you for any balance they need to complete your purchase.

Your conveyancer will call you to confirm the legal process is complete. You can then pick up the keys to your new home.

Congratulations! You now own your first home.


Lloyds Bank – Mortgages – Buy To Let Mortgages #mortgag #calculator


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Buying to let

Making buy-to-let mortgages easy

You could apply for a buy-to-let mortgage if:

  • You are at least 25 years old
  • You will not be over 75 years old at the end of your mortgage term
  • This is not your first mortgage
  • The property is in good condition and not divided into separate units
  • Your property is being used for rental purposes

You can take out a maximum of three buy-to-let mortgages or borrow up to 2 million across the Lloyds Banking Group. This includes the following brands: Birmingham Midshires, Halifax, Bank of Scotland, Intelligent Finance, Lloyds Bank, The Mortgage Business (TMB) and Scottish Widows Bank.

It s important that you can afford your personal commitments so that the rental income can be used to cover the Buy to Let mortgage and other property costs.

In some cases we ll also look at your personal income, and may take into consideration the additional cost of an increased tax liability for some customers as a result of changes in tax legislation. These changes will begin to take effect in 2017 and be fully implemented by 2020 and, as a responsible lender, we must consider how they might affect the future sustainability of your borrowing.

View our current rates and compare our mortgages

You can use our mortgage finder tool to view our current rates. By providing your property value and mortgage amount we can show you the deals that match.

We currently only offer fixed rate mortgages. Variable rate mortgages, which include tracker mortgages are not available.

What is a buy-to-let mortgage?

A buy-to-let mortgage is a loan you can take out to buy an investment property that you or your family won t live in and that you intend to rent out to tenants. We call this business buy-to-let.

Can first time buyers apply for a buy-to-let?

No, these products are not available to first time buyers. Taking out a mortgage is one of the many risks of investing in buy-to-let properties. So before you enter the market you should be an experienced house buyer and have fully researched investment properties.

How much could I borrow?

The most you could borrow is linked to the amount of rental income our surveyor thinks you could earn. The annual rental income must equate to a minimum of 125% of the annual (interest-only) mortgage payments based on the higher of a notional interest rate or the initial rate for the mortgage deal.

The notional rate is either 4.99% or 5.49%, dependent upon the loan to value (LTV), or the initial mortgage rate whichever is higher. For 5 year fixed rates the notional rate is 4.99%.

What is the lending criteria for a buy-to-let mortgage?

Age – You must be at least 25 years old and not over 75 years at the end of your mortgage term.

Deposit – Minimum 25% (property value or purchase price, if lower).

Maximum lending – You can borrow up to 2 million from Lloyds Banking Group across a maximum of three buy-to-let mortgages. The maximum loan size on a single buy-to-let property is 1 million.

Current Residential Status – At least one person named on the loan must currently own a property in the UK.

What are the risks I should be aware of?

Buy-to-let mortgages are secured against the rental property, so it’s important that you keep up your repayments. If you don’t keep up your repayments there is the risk that your rental property could be repossessed.

What buy-to-let mortgage deals are available?

Our current mortgage deals are based on how much mortgage you need in relation to how much your property is worth. This is known as your loan to value (LTV) and it’s expressed as a percentage figure. If you check all our current rates there’ll only be certain mortgages which fit your loan to value band.

Will I be charged any fees?

You may be charged a mortgage account fee which is an interest-free fee charged on new mortgage completions. Depending on the mortgage product, there may be a product fee to pay. You’ll need to check our current rates for full details.

Any product fees can usually be added on to your mortgage on completion. There could be other charges and standard costs which you may have to pay during the life of your mortgage. You will be charged interest on any fees, charges and standard costs added to your loan.

What should I consider when choosing which property to buy?

Tenants – think carefully about the type of tenant you want to attract e.g. young professionals, families or sharers. Considering this may help you to decide on the type of property you purchase and its location. The property should be let on a single assured shorthold tenancy (in England and Wales), a short assured tenancy (in Scotland) or a private tenancy (in Northern Ireland). A maximum tenancy of 3 years is acceptable when the tenancy is in the form of a Department for Communities and Local Government (DCLG) model agreement of September 2014 (or as amended) or the Scottish Equivalent or such other replacement tenancies as may be prescribed by legislation from time to time.

Location – do your research and visit lots of different areas. Location is an important consideration and will often determine the type of tenant you will let to. Don t necessarily buy locally to your home.

Think about prosperous towns which might attract a higher demand for rental property. Once you have chosen an area consider the locality, think about transport links, parking, shops, schools and other local facilities pick the brains of letting agents for information about areas where properties may be easier to rent.

Condition of the property – if you are buying a property which needs improvements restrictions could be placed on the amount you can borrow and it could also delay how quickly you can let the property out. Can you afford the mortgage payments during the renovation period?

Rental income – do your homework, talk to local letting agents, check the local press to find out comparable rental values. The mortgage valuation will include an estimate of the rental income of the property on an unfurnished basis. But remember, there are no guarantees of what rental income you will get or if the property will rise in value over time.

What are the tax implications of rental income from a buy-to-let property?

You will have to declare rental income on your tax return so you should keep a record of rental payments received and any associated expenditure for the rental property. As a result of tax legislation which will begin to take effect in 2017 and be fully implemented by 2020, finance costs will not be tax deductible but tax relief can be claimed at the basic rate.

We cannot offer tax advice and you should refer to an accountant who will be able to ensure that HMRC are properly advised and all allowable expenses and allowances are correctly identified.

Important legal information

Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 119278. Telephone calls may be monitored or recorded.


Lloyds Bank – UK Loans – Loan Quotes & Bank Loans #refinancing #mortgage


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LOANS

Flexible Loan

  • Wide range of borrowing options: choose to borrow 1,000 25,000 over one to seven years.
  • If you borrow 7,500 25,000 over one to five years, you could receive a rate as low as 4.5% APR Representative Close APR APR stands for the Annual Percentage Rate of charge. You can use it to compare different credit and loan offers. We will tell you the APR for your loan or credit card before you sign an agreement. Glossary .
  • Flexible repayment Close Repayment With a loan, we give you a sum of money up front and each month after that you pay back some of what you owe. That monthly sum is called your repayment. With our personal loans, your repayments are fixed. That means you ll owe the same amount each month for the entire life of your loan. Glossary options, where you can make additional payments or pay off your loan early, free of charge. There’s no early settlement adjustment Close Early settlement adjustment You can fully or partly repay your loan at any time during the repayment period. If you choose to settle your loan before it s completed its full term some of our loans may charge an early settlement adjustment. If you have taken out a Flexible Loan you agree to repay the capital plus the interest as it accrues. If you pay off your loan in full before the end of the agreed term, we’ll calculate what you owe us at the time which will include capital plus interest accrued but no additional charge. If you ve taken out any of our other loans, the amount you agree to repay includes interest that is charged to the end of the loan term. If you make an early settlement we’ll reduce the charge for credit you have agreed to pay us which means you wouldn t have to pay all of the interest. This reduction may be adjusted by up to 58 days interest – this is the early settlement adjustment. Glossary on the Flexible Loan, but there may be on other loans.
  • Instant money in your account. Apply online to have funds immediately transferred to your bank account between 9am 8:30pm, or before 9am the following day.
  • Get a personalised quote with no credit footprint Close Credit footprint Your history with credit is summarised into your credit rating. Having a long history of paying your loans, bills and credit cards on time means you ll have a high credit rating. Missing payments or defaulting on loans, borrowing and bills results in a lower score. When you apply for a loan or credit card, the financial institution will look at your credit rating to see how risky the deal would be for them. They use this information to help decide whether to offer you credit, and if so, what kind of interest rate and terms you ll receive. Glossary .

We’ll never encourage you to borrow more than you can afford. We have lots of advice and guidance to help you get it right.

Find out more about whether a Flexible Loan could help with:

Other loans

Club Lloyds customers

For Club Lloyds customers who have held a Club Lloyds current account for more than a year, a 0.5% discount will be applied at the start of the loan.

Need to borrow more money?

  • If you already have a Lloyds Bank loan, you may be able to borrow more from us.
  • Apply for a separate loan or combine your existing loan with a new loan
  • If you additionally borrow 7,500 or more over one to five years, you could receive a rate as low as 4.5%APR Representative Close APR APR stands for the Annual Percentage Rate of charge. You can use it to compare different credit and loan offers. We will tell you the APR for your loan or credit card before you sign an agreement. Glossary .
  • If you choose to combine your existing and new borrowing, you can take out at least an extra 1,000. The total of your new and existing loan can be a maximum of 25,000.

We’ll never encourage you to borrow more than you can afford. We have lots of advice and guidance to help you get it right.

Additional borrowing from Lloyds Bank

We can help you manage your loan

If you re registered for Internet Banking, you can view transactions or pay off your loan early.

It only takes a few minutes to register for Internet Banking, and you can log on as soon as you re finished.

Having problems meeting your repayments?

If you re having temporary or long-term financial difficulties and paying off your loan is a struggle, it s always better to let us know, as we ll do everything we can to help. Call us on

8am – 9pm Mon – Fri, 9am – 5pm Sat

If you already have a loan with us, we have a range of options and tools to help you manage it.

Important legal information

Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Authorisation can be checked on the Financial Services Register at www.fca.org.uk Visit the Financial Conduct Authority website. Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). We subscribe to the Lending Code; copies of the Code can be obtained from www.lendingstandardsboard.org.uk Visit the Lending Standards Board website .

Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065.