Letting Costs

COSTS INVOLVED

You will have to pay up for the usual:

Stamp duty
Solicitor's fees
Searches
Land registry
Solicitor's disbursements
Lending source's solicitor's fees
Mortgage Indemnity Guarantee
Lender's valuation
Survey fee
Buildings insurance

On top of this, you will also have to pay for:

White goods
Decorating
Furnishing
Maintenance
Letting agent
Let property contents insurance

It is impossible to estimate these costs, as they will depend on the quality of the accommodation. Letting agents will charge anything from 10 per cent to 15 per cent of the rental income, depending on whether they simply find your tenants or offer the full management service.

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.