The buy to let market is no longer as lucrative as it once was, and many investors who have bought in recent years are now struggling with higher mortgage rates and probably more importantly – a saturated market. Where landlords who had ensured that the rental return on a property could cover periods of vacation, many are now finding that they are having to drop their rates in some areas or have their property standing empty. Some investors will now be benefitting from lower rates if they are paying their lender’s standard variable rate – especially as many mortgages track the bank rate.
Although new mortgage deals are proving expensive, and investors are finding it difficult to make the figures look good, the falling property prices in the UK may once again provide opportunities for those tempted by the promises of rental returns rather than capital growth. Investors willing to see the value of their bricks and mortar fall in the short term, but who can still get 125 per cent of the mortgage payments can continue to be a good long-term investment.
Here are a few tips:
- Do your maths carefully
Before looking around properties sit down and write down the cost of the properties you are thinking of looking at and the rent you are likely to get. Traditionally buy to let lenders want rent to cover 125% of the mortgage repayments, although many have relaxed this general rule during profitable times. The majority of lenders also generally require a 15% deposit to protect against falling prices, and in the wake of the current trends in the mortgage market many are now demanding 25%. You also need to factor in the arrangement fees which can be substantial for the best rate buy to let mortgages.One of the important questions to ponder is what will happen if the property sits empty for a month or two? Can you still meet the repayments?
- Research the market
How much do you know about the buy to let property market, its pitfalls and its benefits? If the answer to this is ‘not alot’ then you need to invest some time in doing some research. Make sure you understand the figures involved in the mortgage repayments.Make sure buy to let is the right investment for you – do you want to be a landlord? Your money might be able to perform better elsewhere and in recent years a high-rate savings account would beat most investments. True, interest rates are low, but investing in a buy to let property means tying up capital in a property that may fall in value. If you know someone who has already entered the buy to let market ask them about their experiences and try and glean as much information from them as you can, its much less costly usually to learn from other people’s financial mistakes.
- Choose a geographical area that you know has potentialPromising 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 in your town has a special appeal? If you are in a commuter belt, where has good transport? Where are the good schools for young families? Where do the students want to live?
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