Mortgages
Buy To Let Mortgages
Despite the fall in house prices in the 1990’s, investing in the property market has retained its popularity in the United Kingdom, with more and more first-time investors entering the market.
It is important to remember that with buy-to-let mortgages there are different criteria that lenders expect you to fulfil such as minimum earning requirements and minimum rental income. It is also very important that you fully understand the risks involved with a buy-to-let and make sure that you have made provision for all associated costs and have the funds to cover these expenses.
Whether you are entering this market for the first time or you already have a number of buy-to-let properties, Marquis Financial can offer you expert advice to new and existing landlords.
Landlord and Tenant Insurance
As a landlord there are a number of legal requirements you must fulfil for your tenants. You must ensure that basic services such as cooking facilities, electricity, gas and hot water are always in working order. It is your legal responsibility to pay for services to be repaired if necessary. Failing to do this could result in legal proceedings and expensive solicitor’s fees.
You also need to ensure that you have properly insured your property and its contents when occupied by tenants for any damages that may occur.
Marquis Financial will provide full advice to landlords on what type of insurance. The insurance you take as an owner-occupier does not provide the same degree of cover. You need to consider specialist policies that will protect you against property damage and provide protection in the event of legal fees, emergency assistance or repairs.
Your property may be repossessed if you do not keep up repayments on your mortgage.
An administration fee of £99 is payable on application, and a broker fee of up to 0.5% of the mortgage amount is payable on completion. Typically this will be £200.
Buy to Let mortgages are not regulated by the Financial services Authority.
For further information please contact Marquis Financial on 0800 587 2902 and one of our consultants will be happy to deal with your enquiry or use the Enquire Now button.
