Do's and Don'ts of Buy to let
Do's
- Work out your budget
- Consider your property type
- Purchase a property that is in strong rental demand in a certain area.
- Think about maintenance.
- Think about the upkeep of the property.
- Consider If the property is in a commuter area
- Property close is it to public transport?
- Does the property have a garage or off-set.
- How far is the property from shopping facilities?
- Is it close to major motorway
Don'ts
- Buy a property that is over budget
- Old property because it is difficult to get a mortgage if it requires renovations as a retention might be held by the mortgage pending works to be carried out.
- Over estimate the rental value of the property.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
