If you are looking for your first buy-to-let property or building on your existing portfolio we can search the whole of the UK market for tailor made products which include low deposits and group insurance products designed exclusively for buy-to-let properties.
The buy to let market is becoming increasingly more and more popular, at Mortgage Board we are here to help you plan for your second home or portfolio by finding and arranging a buy-to-let mortgage that exactly fits with your plans and finance together with protecting the property you plan to buy-to-let. More than often in buy-to-let it is finding a property in a convenient rental location, remember your not looking for a property to live in but one that is in a good rental district, good schools, amenities, transport facilities etc.
These are some of the simple common sense observations you should make;
- Kitchen: Is the kitchen big enough to accommodate a small dining table or make a breakfasting area?
- Smallest bedroom: You need to be able to get a bed in a bedroom and if it is not big enough then this room can only be considered as a study/box room or a baby's room. This must be a factor when considering what type of tenant you are looking for. If you are looking for two professional people to share a two-bedroom flat, then the second bedroom must be big enough to be used for that purpose.
- Bathroom: Is there a fitted shower? A bathroom is a lot more desirable if there is a power shower. If there are two bathrooms then so much the better, even if it is only a shower room.
- Heating: Is the central heating system old? This can be costly to replace. If possible, get it checked prior to purchase. It is your legal duty to provide heating and to issue a gas safety record.
- Electrics: Are the electric sockets/switches up to date? This will tell you that at some point the whole electric system will need rewiring.
- Voids: What if I lose my job? Can you afford to cover the costs of month where the property may be empty for one reason or another.
- Service charges: If it is a flat, you will have to pay service charges. Ask the agent if he has any details of the service charges. Some places have very high service charges that could render the whole investment unprofitable.