Guide on Buy to let Properties
- Borrow between 85 - 90 per cent loan to value, so your deposit will determine your price range.
- Get advice from a local estate agent about types of property most likely to be let in the area and the level of rents paid
- Approach us for the mortgage advice.
- Put an offer in on the property you want. Once it has been accepted, instruct valuation.
- If the property is old you should commission a Homebuyers Report or full structural survey
- Instruct a solicitor. We can recommend a conveyancer.
- Lender receives valuation report and if acceptable mortgage is offered.
- Solicitor carries out local authority search and confirms legality of title
- Pay the deposit, sign and return the contract and the solicitors will exchange contracts. You are now legally committed to the sale.
- You must get Buildings Insurance immediately in order to complete the mortgage.
- Get any quotes for any renovation work you intend to do.
- On completion, the property is yours to let
- Advertise for tenants as soon as possible.
- Arrange to meet prospective tenants.
- It may be easier to use a letting agent.
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.
