If you plan on taking out a buy to let mortgage, there are some important considerations to take into account.
First of all, buying a property for rental purposes is very different to buying a property as your main home. The purpose of buying a rental property is to make money, so you need to treat the whole think like a proper business. Before you approach any lenders, do some analysis in terms of how much rent you can realistically get, how much money you will need to borrow and what your monthly repayments will be.
Secondly, think about who is actually going to rent your property. Is it in a good location for a ready market of prospective tenants? Is it near a university or central business district for example?
Finally, don’t forget your obligations as a landlord in terms of keeping the place safe for your tenants. You don’t want them all to be blown up by a faulty boiler for example!
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