Buy to Let (BTL)

Talk to letting agents about levels of demand and likely rental income before deciding on a location. Choose a property that matches your target/ideal tenant(s). Consider appointing a letting agent to collect rent, find tenants and deal with routine problems.

When you've found the right property, work through the figures carefully to ensure the project looks feasible. In addition to your mortgage repayments, consider the other costs you'll need to cover such as stamp duty, solicitors' fees, insurance, furniture & fittings, service charge and ground rent for leasehold properties, together with ongoing maintenance and repairs. Also, don't forget to consider how you will pay your Buy to Let mortgage if either interest rates rise or the property is vacant.

Before you rent out a property, check your legal responsibilities. For example, under no circumstances should you rent out a property without an appropriate tenancy agreement/lease in place. This is important as it is a legally binding document that sets out the legal rights and responsibilities of both the landlord and the tenant(s).

As a landlord you have a 'duty of care' to make sure your Buy to Let property and any utilities provided are entirely safe for tenants. Some of the areas you need to consider are gas & electrical safety checks and adherence to fire regulations.