First Time Landlord

Pint_Sized_Princess

Hi all,

Hope this is the right place to post this....

I am thinking of relocating in the next few months and due to the property market at the moment, I am thinking of renting out my current property and buying another to live in.

1. Are there any websites which show me potential things I need to be aware of as a first time landlord (i.e. H&S, agreements etc)

2. How easy is it to get a Buy to Let mortage at the moment? I have around £100k equity, but will be taking some of this out to place down as a deposit on my new property.

3. Will my current lender (First Direct) be happy to lend me the same amount as they do currently for my new property - or would this potentially reduce due to me having the buy to let mortgage? Only thing I am worried about is not being able to secure my new mortage on the same rate (i.e. 1.99%). Would my current mortage be portable - and do I need to stick to the same LTV?

Any pointers would be great!
Thanks for reading

clutton_2

you certainly wont get a BTL mortgage for 1.99% !!!

www.landlordzone.co.uk is a great landlords forum which will highlight a lot of pitfalls.. but i cannot advise strongly enough that you join National Landlords Association - (joining fee is tax deductible) where you will get a ll the paperwork you canpossibly need plus a great legal help line... and you get cheaper insurance if you are a member

i would also advise going to a whole-market mortgage broker to do what you want - they have access to more deals than you and i do and can give you best advice as to how best to present your application

Pint_Sized_Princess

Oh sorry if my original post was confusing, I didn't expect to get the BTL mortgage at that rate! Yes now that would be wishful thinking....:o

I was referring to my current residential mortgage rate with FD which I have for my existing property I currently live in, for which I am hoping to transfer to my new property (when I buy it!).

So no major problems then in the existing economic climate, with having 2 mortgages as a single person? I have a good credit history, so guess this helps, but was unsure whether current lending criteria was strict on this.

Thanks for the link clutton, I think I will definitely join the Association as I want to do everything properly and am in this for the long term...I definitely dont want unhappy tenants!