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If you have found that you haven't made a saving with your buy to let mortgage in the wake of the latest base rate drop, it's not the end of the world – even if you have saved, you have to be careful with your investment.

Keshav Thukaram, managing director of smartlandlord.co.uk, says: "Today's cut in base rates will come as some relief to those lucky landlords on tracker products facing the prospect of falling rents. However, most landlords on fixed rate deals and other products will not benefit in line.

"Those needing to remortgage this year are still going to be in for a shock in the current mortgage market and with an increase in supply of rented property, rents could fall for some months. Landlords need to be looking at ways to cut costs, manage their portfolios and their tenants carefully and insure themselves against the rising issue of rental arrears."

This means going in for a meeting with your mortgage broker. Buy to let mortgages need constant care and attention to make sure they are working as well as they can. That means looking at your residential deal, your income, your rental yields, the state of your property and any other investments you may have.

It also means reassessing your protection, your will, your savings and any future plans of further investment. Everything that could affect your buy to let mortgage must be checked and checked again by yourself and your mortgage broker – and now is the perfect time to get that done.

SOURCE: Smartlandlord.co.uk, 05/02/09

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