Helping you make the most of your rental property
Discover lucrative opportunities with our tailored buy to let mortgage solutions. At Yomo Finance, we specialise in securing exclusive rates to maximise your investment potential. Whether you are looking for guidance when purchasing your first buy to let property or if you want our help managing your existing portfolio, we are the mortgage broker for you.
Simplifying the buy to let process
Generating income from rental properties has great potential, but getting started and applying for buy to let mortgages can be challenging. At Yomo Finance we simplify the application process and will provide expert advice on navigating regulations and market trends. Trust us to make your buy to let venture seamless and profitable.
Have you thought about other buy to let strategies?
1
Portfolio
landlords
Portfolio landlords own and manage multiple properties, and we’re here to help! Portfolio Landlords are property professionals, whether they have 4 properties or 40, each portfolio is as diverse as the next and has its own requirements.
2
Limited company
When an individual owns rental properties as a business, they may choose to set up a limited company for liability protection, tax planning purposes, and other potential benefits. By holding the rental properties within a limited company, the landlord essentially separates their personal assets from the business assets and liabilities.
3
HMO
mortgages
A HMO (House in Multiple Occupation) mortgage is a specialised type of mortgage designed for landlords who want to purchase or remortgage a property that will be rented out to multiple, unrelated tenants who share common facilities like the kitchen and bathroom.
4
Holiday lets
Holiday let mortgages are tailored for investment properties that will not be owner-occupied, but rather rented out to holidaymakers on a short-term basis.
5
Airbnb
As with holiday let mortgages, these mortgages are tailored for properties that are used by guests for short stays.
6
Multi-unit freehold block
There are specialised mortgage products tailored for investors looking to purchase multi-unit residential properties like apartment blocks, as opposed to single family homes or individual units.
See how much you could borrow with our handy calculator
*mortgage calculator coming soon*
Hear what our clients have to say
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How much can I borrow?A typical mortgage applicant can expect to borrow four and half times their annual income. This should not be affected by your employment type unless your income is low or you have a poor credit score.
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What deposit will I need?There is no specific deposit requirement needed by self-employed applicants and the minimum deposit usually needed for a standard residential mortgage is 10%. That being said, with a short trading history, you will increase your chances of securing a mortgage if you are able to offer more than the minimum deposit requirement. This can also give you access to more competitive mortgage rates.
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Do I have access to the Help to Buy scheme if I’m self-employed with one years’ accounts?All of the government home ownership schemes were created to help those applicants who would struggle to get a mortgage under normal circumstances. This extends to self-employed applicants and, although there will certainly be less availability if you have fewer years of accounts available, Yomo Finance will be able to help you. All of the government home ownership schemes were created to help those applicants who would struggle to get a mortgage under normal circumstances. This extends to self-employed applicants and, although there will certainly be less availability if you have fewer years of accounts available, Yomo Finance will be able to help you.
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What documentation is needed for a self-employed mortgage application?Tax returns, business accounts and possibly a reference from an accountant. This all depends on whether you are a sole trader, a director of a Limited Company or are in a partnership.
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How many years of accounts do I need to provide?Usually, two to three years of accounts. However, you can get a mortgage with one year's books.
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Can I get a mortgage if I am a contractor or freelancer?Yes, but you may need to provide more evidence of income stability. Typically you would need 12 months history.
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How do lenders assess self-employed income?They typically look at your average income over the past two to three years.
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What can I do to improve my chances of getting a mortgage as a self-employed individual?Keep thorough records, pay your taxes on time and maintain a good credit score. You should also limit the amount of expenses you put through in order to maximise your income.
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Are there specific lenders that specialise in self-employed mortgages?Yes, some lenders are more flexible with self-employed applicants.
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How does fluctuating income affect my mortgage application?Lenders prefer stable and predictable income but may consider averages.
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What is the impact of a limited company structure on getting a mortgage?Your income may be assessed differently, focusing on salary and dividends.
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Are interest rates higher for self-employed mortgages?They can be, depending on the perceived risk by the lender but most do not charge higher interest rates for self-employed applicants.
