Getting a Buy-to-let mortgage for social housing is becoming difficult every day in the UK. The reason is that there are many people who want to buy a property for a social housing mortgage, but they don’t have enough money to pay for it. So, if you are one of these people and you want to get a mortgage for your social housing properties, then you should read this article. It will help you to understand how to get a social housing mortgage.
What is a buy to let mortgage?
A buy to let mortgage is the most common type for people who want to invest in property. It allows you to borrow money to purchase a rental property and means that your repayments are tax-deductible. The interest rate on a buy-to-let mortgage for first-time buyers will be higher than that offered by other types of mortgages available from banks or building societies. However, if you can afford the repayments, then this could make up for the extra cost at the end of each month. This buy-to-let mortgage is different from a residential mortgage.
How We Work
1: We contact you and take down your details, income outgoings, name, address etc.
2: We will research the whole market and email you a detailed quote as well as a list of documents to proceed.
3: You upload the documents and information needed via our channel our online portal.
Can I get a mortgage for social housing?
Getting a Mortgage for social housing is always tricky for first-time buyers in the UK. But with the help of our expert team of Buy to let mortgage brokers, we have made it possible for all those looking to buy their first home to do so without having to worry about the financial burden. We understand how much of an impact the process has on someone’s life, and therefore we ensure that our services are completely hassle-free.
HMO mortgages for vulnerable tenants in social housing- What are they?
The Housing Maintenance Organisation is a government organisation that manages social housing across England. They provide support and advice to landlords and tenants alike. HMO mortgages are designed to help tenants who live in social housing pay for repairs and maintenance. These loans are usually taken out over a period of 3 years, but there may be some cases where a loan can be extended for longer periods. If you are interested you can contact HMO mortgage brokers to help with your application.
How does HMO mortgage work?
When applying for an HMO mortgage, you need to show that you meet specific criteria. You must be able to prove that you are living in social housing and not private rented accommodation. In addition, you must be earning less than £16,000 per year. Once these requirements are met, you will be given a choice between two repayment options: either a fixed monthly payment or an instalment plan. If you are interested in HMO mortgages, you can contact HMO mortgage brokers for your application.
Next Steps – BTL Mortgage for Social Housing.
We offer flexible terms and conditions. Our rates are competitive and affordable. We offer a wide range of products, including HMO mortgages. We are committed to providing excellent customer service and ensuring that our clients receive the best value for money. Feel free to call us at 0800 612 3367
Additional FAQs- Mortgage for social housing properties
Can I get a mortgage for social housing?
Yes, you can get a mortgage for social housing properties, but you may need to contact a mortgage broker for your process.
What is a Social Housing Loan?
Social housing is any housing provided by local authorities, housing associations, charities, voluntary organisations or religious groups. Around 1 million households in the UK receive social housing benefits. If you own a property that is used as a residence for one of these families, you can apply for a social housing mortgage.
