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Buy to Let

At First Choice Lettings, we are more than happy to assist all our landlords from start to finish in choosing the right property ensuring you are getting the maximum level of return on your let property. With our expertise in the market place, we have been advising clients over the last 20 years who have average portfolios of 8-10 properties.

Buy to let was introduced to stimulate the growth of the Private Rented Sector by encouraging private investors to take the opportunities given by low, highly competitive interest rates and the reasonable certainty of sustained capital growth over the coming years.

Historically buyers of property to let have been surcharged or forced to borrow at commercial rates and potential rental income has not been taken into account for servicing the borrowings. Now the panel of lenders supporting the Buy-To-Let scheme have brought their interest rates into line with the rates for owner occupation and taken rental income into account for servicing the loan. This policy switch has been encouraged by the knowledge that professional letting and property management agents will be involved in the selection of suitable properties for the rental market, in the selection of tenants and in the management of the properties. This enhances the creditworthiness of Buy-To-Let propositions.

The DO's and DON'T's of Buying To Let:

DO think of buying to let as a medium to long term investment
DO seek advice on local market demands
DO get your sums right. Will the rent cover borrowings and costs, after allowing for void periods
DO decorate, fit out and furnish the property to high quality standards, especially kitchens and bathrooms, to attract the best tenants and let quickly every time.

DON'T Let personal taste cloud your judgement. Be sure the property you choose meets the market requirements.

DON'T Purchase anything with potential maintenance problems like a lot of woodwork or large gardens. It will add nothing to the rental value and cost a lot to keep up. DON'T Think that the running of an investment property can be left to friends or relatives in your absence. Tenants require a full management service.

Further information on the Buy-To-Let Scheme can be obtained from the First Choice office by emailing us on or contact us on 01245-345800

Our Sales department has been set up solely for our portfolio landlords who are wishing to dispose of their properties to fellow landlords. For further information on this please feel free to contact us at or call us on 01245-345800


In addition to our normal services we are proud of our very popular property sourcing and buyers service. Finding the right property with the best rental income yields can be a daunting task, from getting the location right, viewing and then negotiating the right buying price. It all takes time and effort so if you are looking for an investment property to let out or add to your existing portfolio we will work closely with you to find the perfect property for you. Taking care of everything, including arranging and attending viewings, negotiating with estate agents, even in some cases if required, accompanying you to auction houses and making sure you get the best value for money.


Income Tax is payable on UK lettings irrespective of where the landlord resides. However through careful planning and assistance you should be able to avoid paying some, or even all, of this tax. Non-declaration of letting income receives increasingly harsh treatment from the Inland Revenue. We therefore advise that you employ an accountant to minimise or eliminate your tax. Provision for setting expenses against your income include, but are not limited to, the following;

  • Mortgage / Loan for the purchase of the property
  • Buildings Insurance
  • Contents Insurance
  • Repairs
  • Annual Safety Checks
  • Legal Costs
  • Accountancy Costs
  • Letting Agents Fees
  • Wear and Tear of contents

Non-resident Landlords

Most property income of non-residents is subject to UK tax. The Finance Act 1995 allows overseas landlords to apply to self-assess and on approval First Choice are issued with an "exemption certificate" (NRL8) which authorises us to pay rent without the deduction of tax. However where no "exemption certificate" is available we have a statutory obligation to implement a tax deduction before remitting the rents. First Choice will supply the application form and provided the applicant's tax affairs are in order the Inland Revenue may issue a certificate. It is important that we are advised if your tax affairs, in respect of the letting of the property, are handled by you, your accountant or First Choice.

Further Information is available from; Financial Intermediaries and Claims Office (Non residents), St. John's House, Merton Road, Bootle, Merseyside L69 9BB, England or by telephone on +44 (0)151 472 6208 / +44 (0)151 472 6209 or facsimile +44 (0)151 472 6067.


Contrary to popular belief it may be beneficial for you as a landlord to withdraw the let property from the MIRAS scheme. A taxpayer who withdraws from MIRAS usually continues to obtain tax relief, albeit not at source. Your accountant, should you instruct one, will be able to advise you whether withdrawal is advantageous to you.

Please Note: The above information is written as a general outline and is subject to changes in legislation
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