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Tag: Landlord

5 reasons to use a buy-to-let mortgage broker

Posted on by Sophie Winter

When you need a new buy-to-let mortgage, of course you can go directly to a lender yourself. But if you do, you might not be getting the right deal over the lifetime of your investment, so is it sensible?

There are five very good reasons why you should speak to a mortgage broker for the financing of your buy-to-let property. Each of which can really benefit you and the profitability of your property investment:

Expert knowledge

If you’re not a mortgage broker, it’s highly unlikely that you’ll know of every aspect when applying for, and progressing, a mortgage. This could lead to you wasting a lot of time and effort trying to work your way through your options, only to end up with a deal that a broker could easily better.

More importantly, there’s a possibility that you might not provide all the necessary information to the lender in the correct way. You may also unwittingly leave out things that are critical to securing the right mortgage.

Lenders typically have varied criteria and regulations based on how you intend to let the property. Specialised mortgages are necessary for properties like HMOs. Also if you intend to let to tenants on benefits, you’re likely to be restricted in your choice of financing.

Access to a wide range of mortgage deals

A mortgage broker will have access to a vast range of products available in the market. They will work to effectively source the most suitable one for your specific circumstances.

Speed on limited-time deals

Certain deals are only available for a very limited time. Often only those with a buy-to-let specialist broker may have the opportunity to secure them. In these cases, it’s essential to work with someone who is experienced and knows exactly what to do and when, so that the administration is done correctly from the outset.

Working with underwriters

If you work with an experienced mortgage broker who has been handling buy-to-let cases for a number of years, they will have created relationships with underwriters and other key people who can help progress your application as quickly as possible.

They’ll be able to get answers to your questions quickly, and a well-connected broker can be the determining factor in successfully obtaining the necessary financing as opposed to a deal falling through.

Regular reviews

A qualified mortgage broker will keep up-to-date with all the latest regulations and new deals. They will also let you know about the optimal times to consider switching your mortgage. Many brokers are also happy to work with your financial adviser to help ensure your investment keeps delivering the best returns.

Looking for a buy-to-let mortgage broker?

At CR Real Estate, we work with a local Kent broker who are buy-to-let specialists. Their friendly team are always happy to speak to landlords about their mortgage borrowing. If you’d like a review of your portfolio, or have any other questions, please get in contact with The Residential Mortgage Hub.

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Important information

There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage. Your property may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount will depend upon your circumstances. The fee is up to 1% but a typical fee is £598.

Our top tips to finding new tenants quickly

Posted on by Sophie Winter

The surge in rental home demand has created an unprecedented situation where every home listed on the market experiences high demand. Consequently, landlords are faced with an elevated volume of rental applications to sift through in order to choose a suitable tenant. In this blog post, we will explore five effective strategies that landlords can use to speed up the tenant selection process. These tips will help increase the chances of finding the perfect tenant, and reduce the time and effort needed to do so.

Detailed property listings

Creating thorough property listings is one of the most important aspects when renting out your property. Dedicate some time to investigate the frequently asked questions about similar rental properties in Kent, and incorporate the responses into your property description. By proactively providing all the information upfront, including details like the number of bedrooms, available amenities, and proximity to local transportation options; you can assist potential tenants in assessing whether the property aligns with their requirements even before they express interest. This approach ensures that prospective tenants come prepared for viewings, saving valuable time for both parties involved.

Pre-qualify potential tenants

You can simplify the tenant selection process by pre-screening applicants. Prior to arranging viewings, request potential tenants to complete a pre-qualification form. This enables you to assess their eligibility for the property and understand their readiness to undergo reference checks.

This method reduces the risk of investing time in applicants who may not meet your criteria and allows you to focus your attention on those who have a genuine interest and a higher likelihood of successfully passing the reference checks.

Organise block viewings

Conducting separate viewings for every applicant can become a time-consuming and less efficient process, particularly when a property generates high interest. Instead, consider organising group viewings, wherein multiple prospective tenants are shown around the property in intervals of 10-15 minutes. This approach not only saves time for everyone but also creates a competitive atmosphere among applicants. Therefore encouraging them to make quicker decisions and submit their applications promptly.

Confirming attendance

Focus your efforts on confirmed viewings to reduce the likelihood of no-shows and to optimise your time. Prior to the scheduled viewing, send a reminder to the applicants and request their confirmation of attendance. By taking this approach, you can diminish the chances of last-minute cancellations and ensure that you are making the most efficient use of your time during each viewing.

Prepare your tenants for check-in

After you’ve narrowed down your pool of prospective tenants, assist your selected applicants in preparing for the next phase of the rental process by offering them detailed guidance, such as a step-by-step guide. This will help them grasp the requirements for a seamless check-in. This proactive approach not only minimises the need for extensive back-and-forth communication, but also demonstrates your dedication to delivering a positive rental experience.

Want to discuss your property?

We understand that as a landlord the surge in tenant demand can present opportunities and potential difficulties. If you’re feeling daunted by the prospect of securing a new tenant or if you’re interested in learning more about our comprehensive property management solutions in Kent, don’t hesitate to reach out to us by calling 01634 570057 or submit an online enquiry to our lettings experts.

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Opportunity for Landlords with rising rental yields

Posted on by Sophie Winter

According to research, UK rental yields have experienced a slight increase in the past year, despite the housing market’s volatile nature. The research analysed house prices, rent values, and yields in June 2022 and June 2023 to understand the impact of the economic environment on buy-to-let investment returns.

What are the average rental yields in the UK?

Despite the challenging period in the UK with rising mortgage rates, there is an opportunity for proactive investors due to lower house prices and increasing rent values. The latest data shows that the average yield in the UK currently stands at 5.2%, marking a 0.4% increase compared to the previous year.

Among the regions, Scotland offers the strongest yields at 5.9%, making it an attractive place for investment. Other regional hotspots include Northern Ireland (5.7%), the North West (5.5%), Yorkshire & Humber (4.9%), and London (4.7%). Scotland also leads in terms of annual yield increases, showing a rise of 0.64%. Several other regions are performing well in terms of yield growth, with London at 0.49%, Wales at 0.35%, the West Midlands at 0.34%, the North West at 0.34%, and Yorkshire & Humber at 0.34%.

The battle for a place to rent

Data commissioned by the BBC reveals that competition among renters has intensified significantly, with 20 requests to view each available property. The average number of requests to see a home has more than tripled from six in 2019, according to figures from property portal Rightmove.

Additional research shows that tenants are reportedly making offers higher than the asking rent or even arriving earlier to secure a spot at the front of the queue. From our experience we are seeing that properties are getting rented out after the initial block of viewings due to the exceptionally high demand.

Lettings Manager, Sue Barnes suggests that the market presents opportunities for investors willing to take calculated risks, and the current UK environment exemplifies this. Despite economic struggles and concerns over rising mortgage rates, buy-to-let landlords with the means to handle current mortgage deals should consider seizing opportunities when suitable properties come to market in favourable locations. She emphasises that investors should take advantage of these moments when others may be hesitant.

Looking to invest?

We have a broad selection of ideal buy-to-let investment properties available, contact our expert team today to discuss this opportunity and how we can help you.

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