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BUY TO LET
Buy-to-Let is supported by eight leading
mortgage lenders:
• Halifax Mortgage Services
• Woolwich Direct
• NatWest Mortgage Services
• Clydesdale Bank
• Capital Home Loans
• First Active
• Mortgage Express
• Paragon Mortgages
It is designed 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 such |
| 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 info@firstchoicelettings.co.uk
or by fax or telephone
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