The floodgates could well and truly be opened as one of the UK largest buy to let providers, The Mortgage Works remove their upper age limit.
It is certainly welcome news that finally a buy to let provider has had the foresight to extend their product range to the older buy to let landlord. In today’s economic climate why restrict those who are passionate about property and who have a desire to invest with current forecasts suggesting that over 75% of landlords viewing property investment as there pension!
With the UK rental demand growing by 15% a year there is no time like the present to become a landlord. Where do you start?
Do your homework
Network, Network, Network, Speak to as many buy to let landlords as you can to really get an understanding of the pros and cons of property investment.
Find the right location
Tenants are no longer looking for houses but homes. You will need to consider the proximity to local schools, transport links and so on.
Do the Maths
Put pen to paper before you start viewing properties and write down the cost of the house and the likely rental yield. Buy to let lenders are yet again entering the market with 85% loan to value deals.
Understand your market
A student tenant will require more functional accommodation, easy transport to their campus, and ease to amenities. However young professionals may require something more stylish, perhaps in a location with access to night life and good links to road and rail. A family will need space and to be local to schools.
Speak to an expert
Speaking to a lettings expert is key to understanding how to maximise rental income. Knowing local hot spots and key areas of interest will put you ahead of the market.
Remember property investment is the pension of the future!