Becoming a landlord
Whether it’s a planned business move or a result of accidental circumstances, becoming a landlord is a reality for more and more people. Like any financial commitment, it is best approached with as much help and information as possible. First Mortgage are a good starting point for advice about buy-to-let mortgages, consent to let and what letting your property means for your mortgage.
Understanding the costs and responsibilities involved
There’s a lot of work to be done when you become a landlord – your First Mortgage advisor will be on hand to guide you through all you need to know about mortgages and letting your property. This section gives you an overview of the costs and responsibilities involved and points you to other useful resources.
Becoming a landlord can happen in a variety of ways and for a number of reasons. For some, it is accidental:
- they cannot sell the property they are in, so decide to buy another property and rent out the one they have,
- or they gain a property through inheritance.
For others, it is a deliberate move, aimed at producing an income.
However you become a landlord, it requires a good deal of thought and planning to make it work. Even if you have one property that you rent to friends or family, it is best to always approach letting as a business. This protects both you and your tenants, whoever they are, should circumstances change and the rental not work out.
If you buy a property with the intention of letting it out, you will need a buy-to-let mortgage. If you let out a property that you were once living in and already have a mortgage on, you may not need to change your mortgage, but you will need a consent to let from your lender. Your First Mortgage advisor will be able to talk you through what options suit you best given your circumstances.