If you already have a mortgage on your property but wish to convert it to buy-to-let, it's important to speak to your mortgage lender. You're not allowed to move tenants into your property without your lender granting what is known as "consent to let".
Typically, contents insurance for landlords is only necessary where a property is furnished or part-furnished. Landlord insurance can also provide for other eventualities, such as rent protection cover if tenants fail to pay.
As part of the Treasury’s response to the COVID-19 outbreak in the UK, mortgage-holders have been able to apply for a mortgage payment holiday since March. The package has proven popular, with around 1.8 million people taking advantage of the option.
Whether your lease is just about to run out, your landlord is selling up or you’ve been planning a fresh start for a while, it really pays to do your research before picking a new rental property.
Right now, mortgage payment holidays are an excellent option for some borrowers. The coronavirus lockdown has led to some people losing their jobs, for example.
Property investors often have to deal with repairs and maintenance on their rental properties, but much of this is taken away with a new-build as the chance of appliances wearing out is significantly lower.
When you’re ready to invest, the costs involved in purchasing an investment property are similar to those involved when buying a home to live in, with a couple of added extras.
Learning about the factors to consider when investing in property or real estate , we can conclude that it involves lesser risks, and at the same time offers good expected returns.
Top savings goals for UK renters include saving for retirement (14%), spending money on their children (10%), buying a car (10%), and leisure activities such as going to the cinema or family days out (9%).