First Choice Lettings - Residential Letting & Management in Essex, Chelmsford First Choice Lettings - Residential Letting & Management in Essex, Chelmsford First Choice Lettings - Residential Letting & Management in Essex, Chelmsford First Choice Lettings - Residential Letting & Management in Essex, Chelmsford First Choice Lettings - Residential Letting & Management in Essex, Chelmsford First Choice Lettings - Residential Letting & Management in Essex, Chelmsford First Choice Lettings - Residential Letting & Management in Essex, Chelmsford First Choice Lettings - Residential Letting & Management in Essex, Chelmsford First Choice Lettings - Residential Letting & Management in Essex, Chelmsford First Choice Lettings - Residential Letting & Management in Essex, Chelmsford
First Choice Lettings - Residential Letting & Management in Essex, Chelmsford
First Choice Lettings - Residential Letting & Management in Essex, Chelmsford First Choice Lettings - Residential Letting & Management in Essex, Chelmsford
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First Choice Lettings - Residential Letting & Management in Essex, Chelmsford
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BUY TO LET

Buy-to-Let is the initiative devised by the Association of Residential Letting Agents (ARLA) and 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.

Through some 1200 ARLA member offices the lenders have a countrywide network of experienced letting agents who comply with the ARLA Codes of Practice and the ARLA training and qualification requirements in letting and property management. ARLA members include the national chains, the regional multiples and specialist independents, like First Choice. Members' companies are covered by the ARLA Fidelity Bond which is linked to required client accounting procedures and high levels of professional indemnity cover. Through these agents the Buy-To-Let panel of mortgage lenders are bringing a new impetus to the Private Rented Sector and an investment opportunity as attractive as commercial property or gilts for private individuals to add to their investment portfolios and to consider their own private pension planning.

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 from an ARLA registered letting agent on local market demands such as ourselves
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.
DO Use an ARLA member as your letting agent. They are bonded, hold Professional Indemnity Insurance to required standards, have been in the business for a minimum of two years and are kept up to date with the latest legal and regulatory requirements.

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. More and more tenants are looking to ARLA member agents to let from.

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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