Buy-To-Let
Buy-to-let mortgages are for individuals wanting to acquire a house or flat separate from that of your main residence. There are many lenders who now offer buy-to-let mortgages, with interest rates similar to those for residential mortgages.
A buy-to-let mortgage is primarily based on the rental income for the proposed property, this can vary between 100% to 125% of the Standard Variable Rate (SVR).
Thoughts before buying the property
Seek advice from a letting agent regard the local area, before you make such as commitment, as it will benefit you to get a bit of local knowledge.
You need knowledge of:
- The type of properties that are in demand
- The level of rent these properties can expect to achieve
- Area security
- Local transport links
- Local amenities
Finding a suitable tenant
Finding a good agent is essential, who will carry out thorough references e.g. employment and credit reference. You can use an agent to find the tenant, which usually costs 2-4 weeks of the gross rent.
Management Service
In addition to finding a suitable tenants, a good lettings agent can provide a comprehensive property management service to ensure that your property and your tenants are looked after to the highest standards.
Typical property management includes tasks such as rent collection, handling all administration issues and assisting with more complex issues that may arise.
Being a Landlord
Below lists some of the responsibilities associated with being a landlord:
- Full Referencing
- Tenant check-in responsibilities
- Transferring utilities into the name of the tenant(s)
- Rent collection
- Missed rent payments
- Tenants causing a nuisance to the neighbours
- Ongoing upkeep and repairs and compliance with health and safety regulations
- Property Inspections
- Accounting and administration
- Inventory and check out
- Drawing up the tenancy agreement
- Dealing with renewals
- Early termination issues
A property management service can take on these tasks for you, leaving you free to relax.
For an accurate illustration or further information please contact us now.
