Checklists
Checklist provided by Useful articles:What you need to know about mortgages Mortgage finance a guide for landlords
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If you have an existing BTL or a BTL portfolio, make sure you know:
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Be clear about your investment objectives eg for a pension, financial freedom,additional income. | |
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Search for professional brokers who have the right qualifications and have access to thousands of different products from a wide variety of lenders, both on the high street or exclusive to brokers. | |
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Check your broker is experienced with buy-to-let portfolio finance, e.g. has case studies or a specialist. | |
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Visit your chosen mortgage broker to discuss your portfolio, this isn’t an internet job! | |
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Work out the cost of the mortgage over the lifetime of borrowing. | |
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Don't forget to factor in the additional 3% stamp duty payable on buy-to-let properties. | |
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Know what implications there are when interest rates change. | |
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Understand the costs of re-mortgaging or selling the property for example, is there an early repayment charge, is the mortgage portable? | |
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Have an "emergency pot" equivalent to three months' mortgage payments to cover for any void periods or unexpected expenses. | |
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Take appropriate tax advice from a suitably qualified accountant. | |
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Your home may be repossessed if you do not keep up repayments on your mortgage. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495. | |
