Buying To Let in Dorset

When you are buying to let in Dorset with us, we are able to search the market for you to find the best deal that you can get. We will also keep in mind your individual circumstances and find the best deal to suit you. We also understand that you need to maximise on income and ensure the right product to grow your investment portfolio. Our advisors will understand if you are looking for a one-time investment, or if you are wanting to build up a profile of properties. Between the years of 1997 and 2008 saw a super cheap market and saw a large amount of get rich quick schemes for casual landlords; They would hope that they would have very little to do in return for a continual income.

Many left this market in 2008, and a few limped on, realising that being a landlord is often quite demanding. There is still a place for serious buy to letters out there who can work and think strategically to build up a business. If you are thinking about it as an investment strategy for the future, keep reading our page.

Buying To Let in Dorset
Buy to let’s require a different type of finance than what you might be used to with your residential mortgage. A mortgage for a rental property will typically have much higher interest rates. The loan to value percentage is higher for buy to let mortgages than for a residential mortgage. This does show that the banks are interested in lending to serious investors who can have a higher percentage of the value of a property themselves. One aspect of the buy to let mortgage that makes life easier for the purchaser is the fact that they are often interest only. This means that each monthly repayment covers just the interest payment and not the loan capital. At the end of the agreement the capital can be repaid by selling the property and the seller can retain any profits. Profits will only be made on a good purchasing decision, if you make a poor purchasing decision you could be left with negative equity.

When you go to the bank they will see you as a business partner, one which it hopes will be fit, healthy and alive when the agreement is coming to an end. The risk adverse banking sector isn’t just throwing money at house buyers, and expect a buy to let landlord to take on the bulk of the liability. This means that if you are going into the letting business, you need to make sure that you have a viable business plan. Your business plan should determine where and what you are buying and if the bank is happy enough with it, they will approve the mortgage and you can start to be a landlord. It is also worth knowing the responsibilities you will have as a landlord as not only will you be responsible to the bank but the local authorities as well. Your property will need to reach basic levels of safety, hygiene and energy efficiency. It might be worth consulting your councils housing department for further advice on what is expected of you.

Contact Us For Buying To Let in Dorset

If you are in need of some advice and help with your buy to let journey, please make sure you get in contact with our team who can guide you and give you important tips and advice that will help you throughout your agreement. Want to know what our clients think about our service? Take a look at our Google Reviews Page.