A buy to let mortgage is very different than the mortgage you may have for your own home. For a start, the amount you can borrow depends largely on the rental income you expect to get from the property. You'll also normally need to provide a higher deposit on a buy-to-let property. We can put you in touch with our reccomended mortgage advisor to get you started.
You’ll need to take out buildings insurance before you can secure a mortgage on a property. This covers you if your property is damaged, destroyed and needs to be repaired or rebuilt.
Landlord liability insurance will cover you in the event of the injury or death of the people who live in or visit your property. Usually getting this cover is a choice but in some cases you may be required to have a minimum level in place.
Make sure you have everything you need in place before you commit to a tenancy. We can reccomend insurance brokers who can give you no obligation quotes.
Evenmore Properties can assist with finding suitable buy to let properties. Our experienced agents have invaluable local knowledge and can advise you of which areas have high rental demand and what potential yields you will be able to achieve. Our agents will aim to find properties with a minimum 5% rental yield for a residential property.
Once you have completed on the purchase of your buy to let property, there may be some work required to make it an attractive and compliant rental property. Using an experienced agent will ensure you are kept up to date of your legal requirements. Evenmore Properties can discuss with you ways to improve a properties rental potential and even gather you quotes for planned works, from replacing carpets to refitting kitchens, we have a host of trusted contractors ready to help.
Once you have successfully found tenants, the day to day running of a tenancy can be time consuming.
Evenmore Properties offer different levels of management to suit you.
• Referencing of prospective tenants, right to checks, signing of tenancy paperwork
• Collection of rent and prompt payment into your account
• Monthly management statements and annual statements of account• Late rent pursuance
• Deposit Management - registration, protection, provision of information and certificate to tenants, deposit deductions and return at the end of the tenancy
• Advice on ensuring compliance with all relevant safety regulations and requirements
• Reminders for mandatory safety certificates and arrangement of
• Utility management
• Organisation of all repairs and maintenance (with prior approval from you) using qualified professional tradesmen
• Quarterly property inspections with detailed reports
• Full inventory service – this includes drawing up an inventory, photographs and the checking in and out process.
If you feel you do not require full management and are happy to manage the ongoing maintenance yourself then we can also offer a rent collection only service. This includes all the essentials to set up the tenancy, register tenancy deposits, regular inspection reports, late rent pursuance and monthly and annual statements of account. We will still report maintenance needs to you but this gives you the freedom to carry out maintenance yourself or arrange with contractors of your choice.
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