Buy to Let Mortgage Advice


We are experienced mortgage advisors and can help you whether you are buying your first buy to let investment property or if you are an experienced landlord.


We are based in North Leeds and are open 5 days per week – we can either visit you at home or you are more than welcome to visit the office. Our telephone number is 0113 8293465


Buying property to let out can be a good investment and help with cash flow. If you are thinking about buying property to rent out for the first time I would recommend you do your homework. The book Rich Dad, Poor Dad by Robert Kiyosaki is a good start but below are a few tips to get you started. Your home may be repossessed if you do not keep up repayments on your mortgage.


Some buy to let mortgages are not regulated by the FCA and Commercial mortgages are not regulated by the FCA, where mentioned.


Like any investment, buy-to-let comes with no guarantees, but for those who have more faith in bricks and mortar than stocks and shares here are some tips:


1. Research the market:

  • If you are new to buy-to-let, what do you know about the market? Do you know the risks, as well as the benefits?
  • If you know someone who has entered the buy-to-let market, ask them about their experiences.
  • Speak with local letting agents and ask them the types of property they have a lot of demand for.


2. Choose a promising area


Promising does not mean most expensive or cheapest. Promising means a place where people would like to live and this can be for a variety of reasons.


Where has a special appeal? Where has good transport? Where are the good schools for young families? Where do students want to live? Asking yourself these questions might sound over simplistic, but they are probably the most important aspect of a successful buy-to-let investment.


3. Do the maths


Before you think about looking around properties sit down with a pen and paper and write down the cost of houses you are looking at and the rent you are likely to get. Speak with us to give you an idea of mortgage costs so you can work out if the property will be profitable.


Your home may be repossessed if you do not keep up repayments on your mortgage.

4. Think about your target tenant


Instead of imagining whether you would like to live in your investment property, put yourself in the shoes of your target tenant. Who are they and what do they want? If they are students, it needs to be easy to clean and comfortable but not luxurious. If they are young professionals it should be modern and stylish but not overbearing.


If it is a family they will have plenty of their own belongings and need a blank canvas. Remember that allowing tenants to make their mark on a property, such as painting, or adding pictures or taking out unwanted furniture makes it feel more like home – these tenants will stay for longer, which is great news for a landlord. It is also possible to take out an insurance policy against your tenant failing to pay the rent, usually known as rent guarantee insurance. We can help you arrange this type of insurance.


5. Haggle over price


As a buy-to-let investor you have the same advantage as a first-time buyer when it comes to negotiating a discount. If you are not reliant on selling a property to buy another, then you are not part of a chain and represent less of a risk of a sale falling through. This can be a sizeable asset when negotiating a discount, especially in a tough market such as the one we have now. Make low offers and do not get talked into overpaying.


6. Consider how hands-on you want to be


Buying a property is only the first step. Will you rent it out yourself or get an agent to do so. Agents will charge you a management fee but will deal with any problems and have a good network of plumbers, electricians, and other workers if things go wrong.


You can make more money by renting the property out yourself but be prepared to give up weekends and evenings on viewings, advertising, and repairs. If you choose an agent you do not have to go for a High Street presence, many independent agents offer an excellent and personal service.


Select a shortlist of lettings agents big and small and ask them what they can offer you.



How much can I borrow on my rental property?


Each mortgage lender uses a different formula to assess affordability based on the rent you receive from your property, if you let us know how much you receive in rent and the value of the property we can find out which mortgage lender will give you the biggest mortgage.


Do you work with Portfolio Landlords?


We do work with portfolio landlords, but due to the increased scrutiny placed on portfolio landlords, we reserve the right to charge an additional £195 administration fee per new mortgage application.


Can I get a buy to let mortgage if I’m a first-time landlord?


If you are a first-time landlord, we can help you understand buy to let mortgages and the advantages of using either specialist or mainstream buy to let lenders. Most lenders understand that every landlord must start somewhere.