Popular mortgage option
A ‘Buy-to-Let’ mortgage has come to the fore as a more recognised and even a more popular mortgage option in the current financial market place right now, what with mortgages for purchase still remaining ‘tough’ to access for a fair number of potential property purchasers.
The Buy to Let mortgage is, of course, directed towards those wishing to invest in residential rental property, to buy it and rent it out – either to supplement their income or as a future longer term investment for eventual sale
Leading the way
Leading Darwen Lettings Agent, Ainsworth Lord Estates, continues to lead the way in terms of the help and advice service it offers to numerous potential landlords not only in Darwen, but in Bolton, Blackburn and indeed across the North West Region
A specialism is ALE’s ability to actually obtain the ‘Buy to Let’ finance ‘starter’ landlords need to purchase the rental investments they have their eye on right now .
Expensive finance? Not at all
Says Founder, Paul Ainsworth Lord,“ Despite the growing awareness of the whole buy to let scenario these days, I do know that there are some potential investors, who are still uncertain about buy to let mortgages – but they shouldn’t be so.
The popular perception that buy-to-let mortgages are expensive no longer holds true, as lenders today are now offering increasingly competitive rates, which in many cases are not significantly higher than those on standard residential mortgages,” adds Paul.
Know what to do and how to do it
Of course, getting a good financial mortgage ‘deal’ to buy that rental property is just one of the essentials of a sortie into the residential rental marketplace. There are numerous other matters to consider too.
These include such issues as knowing the various safety rules and regulations that apply to renting out a property successfully and also the necessary preparation of a property so that it rents quickly and at a good price
Just the start
Adds Paul, “ Having the finance to buy a rental property is just the start really and we, as Darwen’s leading Lettings Agency, has produced a number of concise communications to guide new local ‘starter’ landlords in all respects, so that they avoid any potential hazards that can be encountered by the unaware.
Some ‘headline’ tips to consider might be
Liaise with a good agent for advice.
Ensure your property is clean top to bottom – get professionals in to help get it ‘just right’
Give the decor a spruce up choose a modern, understated and neutral colourway
Get ALL important health and safety checks sorted and in place – a key one is gas safety for example – and DO take advice on all such issues if unsure.
Do it wrong and it could ‘cost’ you!
Continues Paul, “There is much advice a starter landlord probably needs but THE obvious one is to talk to a reputable agent with regards to the rent price you can achieve on your chosen rental property BEFORE you buy it.
You want to ensure you price it right in the light of its location and presentation and so on to be sure it can earn you the maximum return. Not too low and not to high – you don’t want it sitting weeks and weeks on the market because the price is greedy.”
If you get it wrong and it’ll ‘cost’ you one way or the other.
‘Buy to Let’ must be considered a positive move right now – and even more so with the right support advice and guidance to hand.
Adds Paul, “We at Ainsworth Lord Estates, Darwen’s Leading Lettting agent, are very much able also to provide Buy to Let finance in the first place and then we can be on hand to help on every landlord and tenant with any kind of immediate or ongoing issue from purchase day onwards,” added Paul.