Buy to Let Mortgage

• Are you investing to generate an income or hoping to see your capital grow and are your expectations realistic?
• Do you have sufficient capital of your own to invest in a property?
• Are you prepared to tie-up your capital for a considerable period?
• Will you have sufficient savings and other forms of capital after you have made this property investment?
• Have you taken specialist tax advice about the implications of buying and selling a Buy to Let property, and the tax treatment of all income and expenditure from renting?

• Are you regarding this as a medium to long-term project?
• Have you consulted a professional, qualified local letting agent before beginning your search for a property?
• Have you thought about the type of household, which will want to rent your property?
• Have you considered that demand for this type of property may change from year to year?
• Have you made independent inquiries to confirm a likely rental figure?
• Is the location of the property attractive to tenants?
• Most lenders will require you to have an Assured Shorthold Tenancy agreement with your tenants. Are you aware of the legal implications of this?
• If you are thinking of buying a leasehold property, what is the length of the lease remaining and is sub-letting allowed?
• Have you consulted a solicitor about the legal implications of renting out your property?
• Have you investigated the running costs of the property (e.g. ground rent, service charges, repairs, letting and management fees, etc)?
• Have you allowed for furnishings and other start-up costs in your calculations?
• Have you considered how you will repay your mortgage if you have no tenants paying rent?
• Are you aware that your property could decrease, as well as increase, in value?
• Are you aware of all the safety regulations applying to rented property?
• Have you considered the likely costs of dealing with tenants who do not pay their rent or damage your property, including the costs of evicting a tenant in court?
• Have you considered using the services of an agent to let and manage your property on a day-to-day basis or will you be doing this yourself?
  If you are using a letting agent, have you assessed how much they will charge you for their services?
• Will the net rental yield i.e. the rent remaining after you have paid your running costs, be sufficient to meet your monthly mortgage payment?

• Have you considered what type of mortgage to buy your property with?
• Would you welcome assistance from a mortgage consultant?
• Have you considered the impact of any future rises in interest rates?
• Could you meet the monthly mortgage payment from your own resources, if the rent was not paid or the property was empty?

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