A wholly owned subsidiary of Lloyds Banking Group, Halifax was officially founded in the year 1852. One of the first true ‘building societies’ to open its doors in the UK, Halifax was established to help address the country’s severe housing shortage. Halifax now forms part of the Lloyds Banking Group, which employs more than 75,000 people, has over 30 million customers and is the UK’s leading provider of current accounts, savings, personal loans, credit cards and mortgages.
Before you apply for a mortgage use a mortgage calculator to get a good idea of how much you could apply for and how much your repayments might be. This applies to every kind of mortgage – including buy to let mortgages.
Halifax offers buy to let mortgages to allow their customers to be able to invest in property long-term so that they can continue to have a reliable income from the property in the future. To begin the process of applying for this type of loan, you can start the application either in person in a branch or over the phone. You will need to have proof of income and employment for the last 18 months, addresses for the last three years, and information regarding any of your other financial commitments. This will allow the mortgage advisor to determine if you are able to handle the commitment of a buy to let mortgage.
Halifax offers help to determine if this is the right mortgage product for you and self-financing deals so that you won’t have to pay more than what you are making in income from the property each month. They will talk to you about charges and costs such as insurance and upkeep of the property so you can be sure that your rent will also cover these expenses. By advising you as to how much you can afford, these mortgage advisors make sure that you do not take on too much debt that you will be unable to handle.
Help to Buy is a government scheme that can help first-time buyers purchase a property with an affordable 5% down payment.
There are two ways you can benefit from the Help to Buy scheme:
You will not pay any charges or interest on the loan for the first 5 years. In the 6th year, you will be charged 1.75%. After that, the fee rises by inflation based on the Retail Prices Index plus 1% each year. Retail Prices Index figures are created by the ONS (Office for National Statistics).
A commercial mortgage is used to buy business premises or to purchase a business. Commercial mortgage lenders normally require a deposit between 25% and 40% of the total value of your property and mortgage terms can run from one to forty years. Getting a commercial mortgage is based on the ability of your business to make honour the repayments.
You’ll also find that lenders will assess your business before quoting you an interest rate. They usually look at past performance, long-term future strategies and the current position. The interest you are given may be based on these factors and may be greater if the underwriter identifies higher risk in the proposal. You may have to offer a thorough business plan that shows that you are able to make payments, and a professional valuation is normally needed.
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