Buy-to-Let & Second Home Lifetime Mortgage
What is a Buy-to-Let & Second Home Lifetime Mortgage?
As the name suggests, the Buy-to-Let & Second Home Lifetime Mortgage is a specialist type of Equity Release which allows you to gain access to a lump sum of Tax-free cash from a rental/investment or second home property. Buy to let properties – To release cash from a Buy-to-Let property it must be let out as a single dwelling under an Assured Shorthold Tenancy (AST) which is not more than 12 months in duration. Multiple family dwellings and HMO’s are not eligible. There are other tenancies that are not permitted; namely University rentals, Housing Associations and council tenants, students, and DSS tenants.
Second Home properties – If you own a second home in the UK, you can access funds through a second home plan. You do not have to make repayments to this plan type and you will keep 100% ownership of your second home for the future.
Features of a Buy-to-Let & Second Home Lifetime Mortgage
- You receive a tax-free lump sum of cash that you can spend on what you want.
- You still receive the full rental income from the property.
- You keep 100% ownership of your property and will benefit from the potential future increase in property value.
- No monthly repayments required, but the option to make payments is available.
- Fixed rate of interest for life
- No minimum income requirements and no affordability assessments.
Is this option right for you?
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Other Equity Release Products Available
There are other Equity Release options that may suit your specific needs. Speak with one of our qualified Equity Release Advisors to discuss your options further.
Lump Sum
Lifetime Mortgage
The most popular form of Equity Release; a Lifetime Mortgage allows you to take a lump sum of tax-free cash from your home, whilst keeping 100% ownership.
Drawdown
Lifetime Mortgage
This variation of a Lifetime Mortgage allows you to access the money more flexibly rather than as a lump sum, allowing you to easily access funds in the future.
Interest Only
Lifetime Mortgage
With this option, you can choose to make regular monthly payments, to pay the interest in full or partially, allowing you to slow down or stop the roll up of interest entirely.
Home Reversion Plan
Under this option you will sell part or all of your home to the home reversion lender in exchange for a lump sum of cash. You no longer keep 100% ownership of your home.
Lump Sum
Lifetime Mortgage
The most popular form of Equity Release; a Lifetime Mortgage allows you to take a lump sum of tax-free cash from your home, whilst keeping 100% ownership.
Drawdown
Lifetime Mortgage
This variation of a Lifetime Mortgage allows you to access the money more flexibly rather than as a lump sum, allowing you to easily access funds in the future.
Interest Only
Lifetime Mortgage
With this option, you can choose to make regular monthly payments, to pay the interest in full or partially, allowing you to slow down or stop the roll up of interest entirely.
Home Reversion Plan
Under this option you will sell part or all of your home to the home reversion lender in exchange for a lump sum of cash. You no longer keep 100% ownership of your home.