Buy To Let Advice
How to Find The Best Sources of Buy to Let Advice In The UK
Buy to let advice is essential for anyone who is contemplating a move into buy to let. A good starting point for buy to let advice is a professional mortgage broker who will be able to look at your circumstances and give advice that is tailored to you. For example, you will need different advice if you are new to the BTL market, such as a parent looking to purchase a property for his or her student child.
Buy to let advice for someone in this situation might focus on the collateral that is available for the buy to let loan and where the person is going to come up with a deposit of around 20 per cent of the loan amount. A new BTL landlord may have to show proof of income or have a job so that B2L mortgage lenders can be sure they will get their money back.
The situation is different for experienced BTL landlords. Buy to let advice for this group might look at which buy to let mortgage providers offer the best deals for landlords with a large property portfolio. Some buy to let mortgage lenders cap the number of properties at anywhere between three and 15 before considering moving landlords to a commercial basis. Other mortgage lenders will lend for any number of properties up to a ceiling of £5 million or £10 million pounds. Whatever your circumstances, a mortgage broker will be able to give the best advice for you - and it may even be free.
BTL Advice from Letting Agents
A second key source of buy to let advice is a letting agent, who can be invaluable once the BTL mortgage has been sourced. A letting agent can help a landlord search for property and provide buy to let advice on improvements that may need to be made to the property to get it ready for occupation by particular tenants. The buy to let advice given on this subject will vary depending on whether the BTL mortgage is for a student property or an upmarket city centre flat. Each sector has different requirements.
And the advice does not stop there. The letting agent will assist with tenant selection and vetting, based on his or her experience of the market and of dealing with tenants. There will also be help with credit checks on tenants. Additional buy to let advice from letting agents will focus on rental value in comparison to other property in the area and the provision of a suitable tenancy agreement. The buy to let advice will ensure that landlords comply with their legal obligations and also have the legal protection they need to undertake a successful buy to let investment.
As well as advice, letting agents will also market the property, do an inventory of fixtures and fittings, perform maintenance tasks where needed, and collect deposits and rents. All of this can be invaluable, especially to the first time landlord. This is why mortgage brokers and letting agents should be the first stops for novice landlords seeking buy to let advice.
