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Monthly Archives: June 2015

How Do You Raise The Funds To Purchase A Buy-to-Let Property?

If you are considering becoming a landlord and wish to purchase a property that you will then let out you will require a considerable sum of money to buy it plus you may also need several thousand pounds to renovate and furnish it. So, where does the money come from to do all these things? Well, the cheapest option is to use any savings that you have accumulated to do all the above. However, not many people have the sort of funds necessary and, in any event, if they did, they may not wish to utilize all their savings for these purposes, so what is the next best option? You will need to borrow some of the money. We say ”some of the money” because, unless it is the likes of a family member agreeing to lend you all the funds you require, a commercial lender will only lend a certain percentage of the purchase price. The most popular way to borrow funds to purchase such a property is by way of a buy-to-let mortgage offered by the likes of the major high street banks and building societies as well as some specialist financial institutions. You will find that many…

The Benefits Of Taking A Deposit From A Tenant

When considering renting out a property to a new tenant, there are many procedures that you will go through such as drawing up a tenancy agreement and vetting the prospective tenant. You should also consider taking a deposit from the tenant to provide you, the landlord, with some financial protection. There is no set amount for a deposit agreed between landlord and tenant. In fact, a landlord does not need to take a deposit but that is probably not a sensible course of action to take. Generally speaking, the most popular level of deposit taken these days equates to one month’s rent. However, some landlords will insist on a higher sum especially as we have seen more tenants go into arrears in recent years due to the recession that we went through. So, what sorts of things could a deposit be used to protect? Well, one of the most popular things is to cover missed rental payments. If one of your tenants falls behind with their rent it could have a severe impact on your own finances as, after all, it is a business that you are running. By taking a deposit, this would provide you with some peace of…

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