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If you’re thinking of taking out a buy-to-let mortgage product, we’ve put together our top tips that will help you make the right decision when it comes to buying an investment property.
A buy-to-let mortgage is a great way for landlords to secure a rental property investment, but you need to be sure it’s the best use of your money. Do your research and compare how your money might perform if you invested it elsewhere. Remember that a buy-to-let investment will mean tying up your capital in a property that might fall in value.
Just because a property is in a good location, it doesn’t follow that it’s the best place for your buy-to-let investment. You’re looking for an area that people will want to live in for all sorts of reasons.
Students, young families and commuters all have different needs so if you can match their requirements with a property that you can afford, you’ll have a better chance of finding a tenant that will make your investment work harder for you.
Research the properties on sale in the area you’ve decided on and explore the rent that you’re likely to achieve each month. Factor in insurance premiums and maintenance cost and remember that if your property is empty for any reason, you’ll still need to make your buy-to-let mortgage repayments.
You’ll need to decide whether you’re going to be a hands-on landlord or will appoint a property management agent to carry out work if problems arise.
If you opt to manage the rental property yourself, be prepared to deal with problems that arise promptly – and that could mean weekends and evenings too. An agent will charge you a management fee, regardless of whether the property is occupied or empty, but they should have a good network of trades to jump into action if something goes wrong at your property.
Buy-to-let mortgages can be complex and a more expensive option than a traditional residential mortgage so it’s vital that you get the best advice you can from buy-to-let mortgage specialists.
If you’re considering a buy-to-let mortgage for a property investment, talk to our team of expert mortgage advisers first to discover the most suitable mortgage products for your purchase. Call us on 08454 500200 and we will be able to help.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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This is my first experience with getting a mortgage, but Rob explained everything clearly, answering all my questions, and helped me get the best mortgage for me. Louis also helped by keeping me updated with the progress of the application and chasing the lender on my behalf. Overall, a positive experience.