Skip Navigation Links. First-time landlords

Purchasing buy-to-let property is seen by most landlords as a medium to long term investment, providing good returns, not only from monthly rental income, but from the profit gained when the property is eventually sold in the future.

In the current economic climate, with a volatile stock market and stagnant house prices, now is an excellent time for landlords to invest in buy-to-let property

The majority of buy-to-let properties are owned by professional landlords, some of whom run full time buy-to-let businesses with large property portfolios. Others have just a handful of properties and see buy-to-let primarily as a good alternative to other investments such as pensions

However, there has been an increase in the number of ‘accidental landlords’ due to a number of factors. These may include owner-occupiers who want to move into a new property, but due to the current housing market are unable to sell their existing property and so decide to rent it out instead. This has resulted in a number of Let to Buy mortgages being offered in the market place

Or, a change of circumstances such as a couple who are both owner-occupiers deciding to move in together and rent one of the properties out

A main concern for first-time landlords when purchasing a buy-to-let property will be finding the initial deposit as many of the deals currently on offer require at least 20-25% of the purchase price. However, there is a wide choice of buy-to-let mortgages available for first-time landlords with most of the key lenders offering products to new investors. Therefore the other challenges facing first-time landlords are normally no different to any other landlords. In most cases they must have a good credit profile, be an owner occupier, able to prove a minimum income and also meet the lender’s rental income requirements.

The main risk associated with first-time landlords is their lack of experience in managing a rental property, such as finding tenants, collecting rent and complying with legal requirements

Use Landlord Centre to help with your first buy-to-let mortgage

Landlords arranging finance for their first buy-to-let property may benefit from using a mortgage broker with an expert knowledge of the buy-to-let mortgage market. Lending criteria varies significantly from lender to lender and the market is very dynamic, with products being withdrawn with little or no notice.

At Landlord Centre, our team is trained to provide you with guidance on how to locate the best financial options for you, from sourcing buy-to-let mortgage quotes to arranging buildings and contents insurance for your property.

We are on hand to answer any questions you may have and you can depend on our experience and expertise when making your choice.

Whether you are looking for mortgage deals or an energy performance certificates, you will find help and support at Landlord Centre.

Contact us today and you would own an HMO property in no time!