Looking for buy-to-let mortgage advice?

Each decision you make about your finances has far-reaching implications

Thinking about investing in a second property?

Becoming a private landlord may seem tempting, but it is not always as simple as it appears.

Do you know all the risks and responsibilities involved? Buy-to-let properties can yield financial rewards in the long term, but they also come with challenges, including time requirements and unpredictable market conditions.

When looking at buy-to-let mortgage options, there are three unique factors to be aware of. Firstly, rent potential plays a key role, as lenders often base their decisions on potential rental income rather than your annual earnings. Secondly, interest rates for buy-to-let mortgages are higher than for standard residential mortgages. Finally, a larger deposit is required, usually at least 20%-25% of the property’s value.

THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Balancing income with capital growth

Is your goal for your buy-to-let property to deliver regular income or long-term capital growth? The decision between these two priorities will likely influence the type of property and location you choose. A city-centre flat, for instance, may appeal to young professionals seeking a rental, while a family home may align more with capital appreciation.

Remember, buy-to-let isn’t without its costs. Beyond mortgage repayments, landlords face property upkeep, letting agent fees, legal insurance, and building and contents insurance, among others. Have you factored in these expenses?

Choosing the right property

Where do you start when choosing a property? Our association with Harris Shields Collection, the area’s leading letting agents, enables us to introduce you to an expert agent who will give you tailored advice. They can provide insights into rental demand based on location, property type, or even proximity to universities if renting to students is an option.

Additionally, preparing a property for tenants could mean incurring extra costs for furnishings, redecorating, or ensuring gas and electrical systems meet regulatory standards. If you’re letting a furnished property, make sure it’s covered by your home insurance policy.

Ready to build your financial future?

At Burlington Financial, we understand that every financial decision you make has significant implications, which is why we provide independent financial advice. Whether you’re considering buy-to-let investments or planning your overall financial well-being, our team offers expert guidance tailored to your unique circumstances. Would you like to learn how our holistic approach distinguishes us from the rest? Please contact one of our offices in Bridlington or Scarborough today. Together, let’s create a tailored financial plan that prioritises what truly matters to you. Call us now or fill out our enquiry form, and let’s start the conversation.

THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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