Buy to Let Mortgages for First Time Landlords
It can be a little daunting buying your first buy to let property, and that is why Ascot Mortgages will help and advise you every step of the way.
With the current buy to let market being a lucrative one, it’s no real surprise that more and more investors are choosing to purchase properties with the view of receiving a quicker income, instead of waiting for return on their capital. When you’re thinking about taking the plunge and investing in a buy to let property for the first time, there are a few things to consider…
The most important part of the consideration process is where to buy the property. It’s been proven in the past that first time buyers usually feel more comfortable purchasing a property closer to home. This can be the perfect choice if the buy to let market is thriving in that specific area, although this option could leave you struggling for money if there is no real demand in that area. The better option might be further afield. It’s worth checking out the area you have in mind and having a look at other properties that are on the market. The best areas to look at generally can be family orientated ones, with a demand for rental properties and ever increasing popularity or near to a university or college as students are always on the lookout for flats to rent. If you considering renting out the property you are currently living in, in order to buy a second property – this type of buy to let mortgage is often referred to as a let to buy mortgage.
Managing your buy to let property
Once you’ve decided on the area and property, another thing to consider is how involved you would like to be. Do you have the time and energy to look after the project yourself, or would you prefer to pay someone to do it for you? With residential property, its problem a good idea to take care of it yourself to see more profit, but this can be very time consuming. A property management company can take all the pressure of your shoulders, but this will come at an added expense. You also need to consider the best payment option for yourself. There are a selection of mortgages and payment methods available, but you need to choose what’s right for you at this time. Shopping around and looking at money comparison websites can be a beneficial exercise and gives you a few options to consider in terms of rent and returns.
By putting yourself in the shoes of someone who is looking for a rental property, you give yourself the best way of meeting their demands in terms of location, interior and affordability. You also need to remember that you’re buying the property to see a steady incline on your income and not looking for a quick profit, so carefully consider all your options.
For specialist help securing the best value buy to let mortgage for a student property contact Ascot Mortgages, an experienced buy to let mortgage broker, whether you are looking for your first BTL mortgages, or you are looking to remortgage your buy to let.
Ascot Mortgages are an Independent “Whole of Market” UK Mortgage Broker. We are dedicated to providing the very best financial advice and the highest standards in customer service.
Please contact Ascot today, and you will be very glad you did.