Buy to Let Mortgages to Suit You
If you are a first-time landlord looking to purchase a buy to let property, then our whole of market Mortgage Advisers will ensure you secure the most cost-effective deal. Not all lenders offer buy to let mortgages to first-time landlords because they have no previous experience in this field. Our experienced team can provide you with invaluable guidance on the best lenders and products available to you, in addition to guiding you through the application process and stamp duty costs.
As you may already be aware, applying for a buy to let mortgage is not as straightforward as a standard residential mortgage. Lenders need to ensure that the property will provide good rental coverage and the location will be attractive to potential tenants. Other factors can also reduce the number of lenders available to you. For example, if you have had some historic adverse, the property
ex-local authority or you do not have an existing mortgage on a residential property. Don’t worry though, there are still plenty of opportunities for you to secure funds – if you know where to look.
You may want to become a landlord intentionally, you might not even think you’re a landlord, but if you own a property and someone else pays you to live there, then you’re a landlord – even if your tenant is a friend or a relative! So, if you’re letting your property, what do you need to think about?
Have all prospective tenants complete an application form. This needs to include personal details, National Insurance Number and also previous addresses dating back three years. This also needs to include a check for immigration status of the prospective tenants as it is the responsibility of the landlord to ensure the tenant’s “right to rent”.
Take up references and carry out credit checks to make sure they’re likely to be able to pay the rent.
Ask the tenants for a guarantor. A home owner in stable employment is usually a good person to guarantee rent payments, but credit check the guarantor as well, just to be sure.
Always take a deposit and protect the deposit in a relevant scheme. Give copies of all relevant documents to the tenant and their guarantor – and get a signature to say they have received them.
Always have a tenancy agreement in place before you hand over the keys.
Make sure you see photo identification too – passport or driving licence is sufficient.
Safety and energy
You MUST get any gas appliances checked by a qualified engineer and a Gas Safety Certificate will be issued. Give this to the tenant.
You must install a smoke alarm on each floor of the property.
You must also install a carbon monoxide detector in every room with a solid fuel source.
You must make sure these are working at the start of the tenancy.
You must also give your tenant an Energy Performance Certificate and a copy of ‘How to rent: the checklist for renting in England’.
Complete an inventory and condition schedule. Agree with this the tenant and get it signed by them. It’s a good idea to include photos (with date) to show the condition of the property and contents.
Both you and the tenant will want to read and agree on the meters when they move in.
Using an agent
Using an agent can take a lot of hassle out of the process, but will, of course, reduce the income that you receive from the property. If you do decide to use an agent, choose carefully! Your property is probably your most valuable asset and so you need a reliable agent to manage it properly for you.
So you're becoming a landlord? What you need to know
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