WANT A QUOTE BY PHONE?

0800 912 0487

mobile friendly: 0330 100 7438

Posts Tagged: Rental Property

How Much Are Your Buy to Let Mortgage Repayments?

If you are a landlord, unless you are fortunate enough to have sufficient savings to be able to buy an investment property outright, it is likely that you will need to borrow some of the funds necessary to buy a property to rent out to tenants. The most popular way of doing this is by arranging a buy to let mortgage through one of the major banks or building societies. With interest rates so low it is often one of the most financially viable ways of raising some of the funds. When looking into arranging a buy to let mortgage you will need to consider various aspects of the package being offered by the lender such as the interest rate and the fees. However, did you realise just how much per annum landlords are spending on repayments for such mortgages? Well, according to research carried out by the National Landlords Association (NLA) the total amount of repayments in the last year on this sort of mortgage came to a hefty £21.9 billion. When you consider that it is estimated that in the region of 1.05 million landlords have buy to let borrowing that works out at an average of almost…

How Often Do You Inspect Your Rented Out Property?

If you rent out a property to one or more tenants you will no doubt wish to make periodic inspections of the property to make sure that it is being well-maintained and that the tenant(s) are not breaking any of the tenancy conditions. For instance, if you do not allow pets in the property, you may wish to make sure that there aren’t any. As the landlord, you do have the right to gain reasonable access to the property to inspect it. In order to do so you should always ask the tenant’s permission having given a minimum of 24 hours notice. It may be that if you use the services of a letting agent that he or she carries out periodic inspections on your behalf but there is nothing to stop you doing so yourself as well. If you do not use a letting agent then you should consider carrying out inspections every so often. How frequently is up to you. If you have a long-standing tenant who has been in the property for years you may choose to visit the property very infrequently. However, just because someone has been paying the rent for years does not mean to…

Should A Landlord Do A Credit Check?

As a landlord, you will no doubt wish to do everything that you possibly can to make sure that the new prospective tenant is not going to prove troublesome in any way when they take up occupancy of the rental property. For instance, you hope that they will keep the property tidy and pay their rent on time. So, what can you do to ensure that the monthly rent will be paid by the agreed date and not have to be troubled with needing to chase up the tenant? Most landlords will take up references from previous landlords going back over a number of years but not as many will think of carrying out a credit reference search despite the fact that it is an inexpensive process. If you think about it, if you were to apply to a bank for a personal loan as a new customer, they would carry out a credit reference search on you to assess your suitability to meet the repayments. So, why should you not adopt the same process to help ascertain if a prospective tenant can afford the rental that could run into many hundreds of pounds or more each month? In order…

The Pros And Cons Of Renting To Families

When it comes to renting out a property one of the things that you need to decide is which sector of the rental market you prefer to operate within. For instance, do you favour renting to those on housing benefit, to students or what about to single people or families? Let’s have a look at some of the positive and negative factors of renting to families – those families with two adults and a couple of young children living in the property. Positive factors If you are fortunate enough to have found a tenant who always pays their rent on time and keeps your investment property in pristine condition then you would probably prefer that they remain in your property for as long as possible. Well, you tend to find that families prefer to stay in a rental property for a longer period of time than say a single person. The main reason for this is that the family unit is often looking for some stability in their lives. The children may well be settled in local schools and make many friends in the locality in a relatively short period of time. One could also argue that a family tenant…

How To Vet Tenants

Making sure that you have got the perfect tenant occupying your rental property is not an easy thing to achieve. Getting it wrong, sadly to say, can prove costly as your property could be left in quite a state. Landlords tend to have their own process for vetting tenants whether doing it himself or herself or using a letting agent. There are no doubt some experienced landlords out their who just go on their “gut feeling” when meeting a prospective tenant for the first time but there is a lot to be said for having a set vetting process in place. Below are a few suggestions that you may wish to consider. Tenant Referencing Companies You can go on the Internet and find companies that provide a tenant referencing service. This could include them doing a credit reference search on the prospective tenant and contacting their previous landlord for a reference. A fee is obviously payable. Checking Identification and Verifying Address You can do both these things by seeing their passport and/or photo card driving license and looking at things like utility bills and bank statements. Landlord’s Reference You could write to any previous landlord(s) to enquire as to their…

LandlordInsure is owned by APB Media Ltd - an Introducer Appointed Representative of One-Sure Insurance Limited, which is authorised & regulated by the Financial Conduct Authority (FCA) under firm reference 447730. You may check this on the FCA's register by visiting the FCA's website, www.fca.org.uk/register/ or by calling 0800 111 6768.

* Take out an insurance policy through One-Sure Insurance Limited and if you find a cheaper Insurance quotation within 48 hours, subject to written proof being received that the Insurance quotation is on a like for like basis, One-Sure Insurance Limited will cancel the Insurance policy and issue you with a full refund.