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Mortgage brokers from around the UK are predicting a rise in borrowing for buy to let properties, figures from a survey we carried out of 150 mortgage broker`s show that 62.6% of brokers asked are seeing an increase in people either entering the buy to let market or extending there portfolio.
This is further evidence that the British property market are moving more towards rental, with more people are still having difficulty getting onto the property ladder.
Although interest rates are still low, and new mortgage plans available with lower deposits as well as government schemes that have been introduced such as the help to buy scheme have helped first time buyers, many are still struggling to meet the new affordability rules as wages have not increased in line with energy bills and other living costs.
This increase in appetite for buy to let has been mirror in the amount of buy to let mortgage plans on offer, research from Moneyfacts show an increase of 42.7% of products from 466 buy to let products to 665 buy o let plans.
If you are a landlord of a single rental property or have an extended property portfolio then ensuring the property meets safety regulations for rental as well as being completed with pleasant decoration and all the facilities, Approved Trader can help you find tradesmen who will be able to carry out improvements and maintenance on your buy to let property.
Rental properties in real estate portals
If you look on the World Wide Web there are numerous portals where you can look for properties for sale, that you will be able to ad to your buy to let portfolio. Using the Internet to search for properties can save you lots of time and even money, with photo`s, video`s and virtual tours you will be able to get a feel for the property, without leaving your home.
The Internet can also be used to find out about the surrounding area, which can have an impact on your property rental possibilities. House near colleges, universities and schools can be highly desirable properties available for rental especially during term times.
When buying a property to rent it is important you are able to afford the mortgage even if your property is vacant, consider carefully other possible expenses as well as your tax liability on your rental income. It is usually recommend your talk to a financial professional and consider carefully any buy to let purchase.
It is also important to note that you will need to ensure the property is well maintained, roofing, electrics, boiler and plumbing problems will mostly come under your remit to fix in the event of a problem.