* Is It for me?
Before taking the leap, consider all the factors surrounding buy to let and becoming a landlord. Consider how you will maintain the mortgage repayments should the property remain vacant for any length of time. Will your income support both your own mortgage and the buy to let mortgage? Consider the costs, not only the purchase costs but also the ongoing costs of owning and maintaining a buy to let property.
We suggest you speak to an experienced landlord who will be able to highlight both the positives and negatives, and of course us, your friendly recommended Bournemouth Mortgage Broker.
* Consider your target market
When choosing a property, try to view the property through the eyes of a tenant and not your own. You may be looking for different features in a property than your tenant.
For example, if you are looking to rent to the student market, they are likely to want a property close to the university, coach and rail links and be on a main bus route. They are likely to want a low maintenance property located within easy reach of town.
If families are your preference, consider nurseries, school catchment areas, access to open spaces and local amenities. Also, off road parking and garden space can be very important.
Your local letting agent will be able to advise you of the local area if you are not familiar with the area you are looking to buy. As a Bournemouth mortgage broker, I am happy to share information on the Bournemouth and surrounding areas.
* Consider how hands-on you want to be
There are many options available to you as a landlord when it comes to the management of your property.
. Full management
. Part management
. Tenant find only
. Self-management
Choosing the right letting agent is essential to the smooth letting and management of your property, be sure to compare services and costs before making a decision.
* Budget for the cost of buying
As well as saving for the deposit, it is also important to budget for the cost of buying. The main costs associated with buying a home are:
. Stamp duty
. Solicitor’s fees
. Mortgage arrangement and valuation fees
. Survey costs
. Buildings insurance
. Tenant find and letting costs
. Landlords insurance
* Expert Advice – Call Key To Mortgages today
With so many mortgages available, there are many things to consider. We offer expert advice and take time to fully understand what is important to you, what your future plans and requirements are and how these affect your mortgage and other financial needs. We offer unbiased mortgage and protection advice and search for the best buy to let mortgage from the whole of the market.
Buy to let mortgages are not usually regulated by the Financial Services Authority. Your property may be repossessed if you do not keep up repayments on your mortgage – SOL8821
Key To Mortgages 