Plan4 buy to let - How to buy and let residential property in the UK Buy to let residential property help and advice

Buy To Let UK - is it as good as a pension?

Most people find it very hard running a buy to let property portfolio. This has lead to a lot of amateur investors causing havoc and upset within the private residential letting arena. Even those that 'appear' to have succeeded have only done so on the back of a rising market in most instances. This is an article based web site to help new or prospective buy to let landlords avoid the traps.


Buy to let finance

OK, so you have done your homework when it comes to the location of your property and have found what seems to be a hotspot when it comes to holiday homes and you have considered all the possibilities and ins and outs of owning a holiday let and have decided to go for it.

You have put in an offer on a particular property and now is the time when things get a little hard; you have to consider the best options for your holiday buy to let finance.

Any finance matters can be hard to deal with and when it comes to finding the best options, the majority of us simply haven't got a clue where to start looking. With this in mind there are people who specialise in holiday but to let financing and who are able to on your behalf do all the hard work for you.

These good Samaritans are called a specialist broker and if you want the best deal for your holiday buy to let finance then you would be wise to go with such a broker.

The job of the broker is not to take over but rather to work with you to find the best deal for you and your circumstances when it comes to your holiday buy to let mortgage. Mortgages are confusing at the best of times and the holiday let mortgage even more so. For those who have no clue about financial matters then a holiday let mortgage can be hard to find, when it comes to getting the best deal it can be next to impossible if you don't take on the expertise of a specialist broker.

Factors that have to be taken into consideration when it comes to the holiday buy to let mortgage are that the property meets certain requirements, if not then it could be classed as just a holiday home and there is a difference. A holiday let will have to be available to the public for renting for at least 140 days out of the year and you have to be confident that you can let it for at least 70 days in a given period of time. The renter cannot live there for more than 31 days and they cannot be family or friends who have rented the property cheaply from you.

Some lenders will ask that you earn X amount of money from your day job before considering you and others will just go on the predicted income from the holiday let, this is where the broker can help considerably when it comes to getting the best holiday to let finance deal.

  • Buy to let mortgages
    As lenders have become more stringent in screening for applicants, the amounts they are offering has also changed significantly. According to UK based research, only 5% of buy to let mortgages have remained from September 2007 to May 2009, with larger down payments required from the applicant.