Is buy-to-let right for you?
Be clear about your objectives and how long you can commit your money. Consider your finances, the property market and your exit plan before you buy.
The responsibilities of a landlord
Finding tenants, maintaining the property, dealing with repairs and keeping records all take time. Check current legal and licensing requirements with the relevant authorities.
Your mortgage options
Buy-to-let borrowing depends on the property, rental income, lender criteria and your circumstances. Interest-only payments do not repay the original loan; you need a way to repay it at the end of the term.
Allow for the full costs
Think beyond the deposit: purchase taxes, legal and mortgage fees, insurance, letting-agent fees, repairs and periods without rent. Get independent tax advice before making a commitment.
Who, what and where?
Research local demand, transport and amenities. Consider who the property suits and how the location fits your longer-term plans.
Manage it yourself or use an agent?
Compare the time you can commit with the services and fees offered by a letting agent. Make sure you understand who will handle viewings, rent collection, repairs and compliance.
Further reading: MoneyHelper: buy-to-let mortgages ↗