It looks like 2013 could be a very busy year for UK Buy-To-Let, according to the Association of Residential Lettings Agents (ARLA).
The average number of rental properties owned by BTL landlords rose from 7 to 8 in the final quarter of 2012, and the market expansion looks set to continue throughout 2013 as better mortgage finance filters through to portfolio landlords who are hungry for more rental properties.
However, landlords have more than just the mortgage on the rental property to cover every month, there are a multitude of other rental property expenses that could end up stretching landlord finances to the limit.
For many Landlords having to part with money in order to cover letting agent fees can be irritating enough, however if the agent is providing a quality service then it really is good value for money, as they handle all the problems, tenant troubles and all the landlord has to do is pay the bills.
Other financial stresses faced by landlords include property insurance, inconvenient and expensive property repairs, tenant rent default, stressful void periods and tenant evictions.
There are many specialist products available on the market that can minimise some of these stresses, including Rent Guarantee Insurance, Buy To Let and Landlord Insurance, Comprehensive Tenant Referencing and specialist firms that handle tenant evictions.
The biggest cost for ALL landlords is the one that can make or break any buy-to-let property investment – the mortgage. This can be the biggest headache for many landlords who may otherwise be financially sound. Lenders want a great deal of information and financial history before they even consider touching a mortgage application, and then they expect the buyer to provide a hefty deposit for the property purchase before making an offer for finance.
However this needn’t be the case, Finance 4 Landlords have a range of products and services designed by landlords for landlords and offer competitively priced finance for existing portfolio landlords as well as new investors just starting out in the UK Buy To Let market.
A survey by Mortgages for Business showed 80% of Landlords want to remortgage this year compared with just 55% in 2012.
This has been attributed to the improvement in available mortgage finance and higher Loan To Value (LTV) rates.
There will always be developments in the UK mortgage market, and Finance 4 Landlords aim to keep landlords and property investors informed on the best deals available on the market for Buy To Let.
Contact us today to discuss how we can assist you: 0844 567 9002