First time landlords

If you are considering purchasing your first buy to let property it is important to do your research.

At Domus Finance we can help with this. We see it as our job to guide you through the process and make sure you have fully considered everything involved in owning and letting an investment property.

We can run through all the different responsibilities associated with being a landlord and can introduce you to the tax implications of owning a rental property although we are not tax advisers ourselves we can refer you on to tax accountants for advice if required.

We will look to understand your short, medium and long term goals in relation to buying to let. Are you looking for a property to provide an income now or are you more concerned about getting a bigger income in the future, maybe in retirement. We will consider all of your plans when advising you on how best to structure the loan to meet your objectives.

BTL mortgages are assessed in a very different way to owner occupier mortgages. The biggest difference is the way the maximum available loan is calculated. In every case it is based on how much rent you will get from the property but the way each lender calculates how much they are prepared to lend is different with some having more generous calculations than others.

Once we understand your situation and the amount of deposit available we can work through the numbers and establish what the minimum rent would need to be to finance the purchase of a particular property based on its purchase price. This will help you identify financially viable properties when out on viewings. If the expected rent comfortably exceeds the minimum required rent it means more mortgage solutions will be available with the likelihood of improved mortgage pricing which will help keep your costs down and increase your profit margins. This information tends to be particularly useful as the decision to buy is less emotional than buying a home to live in and is normally decided based on the financial numbers and how desirable you perceive the property to be in the rentals market.

If there is flexibility over the amount of deposit available we can also work through the implications of reducing or increasing the deposit in terms of the products and pricing available to you.

At Domus Finance we have access to the whole market and due to the relationships we have developed in the industry we also have access to lenders not widely available to other brokers giving us access to exclusive products.

If you would like to know more about Buy to Let and the options available to you please contact us on 020 3393 4333 or email info@domusfinance.co.uk and one of our BTL specialists will happily assist you.