If you’re a 1st time landlord and also you are renting out the property you utilized to reside in; there are some extremely good offers to be had if you know where to look.
Fairly a couple of banks will let you keep the property you’re renting on its residential mortgage; which in comparison to a buy-to-let mortgage is a superb deal. Knowing which banks do this and which do not is important. If you uncover that the bank you are with does not have such a generous policy, take a look at changing your provider prior to placing your house on the market.
Unfortunately you can’t rent your home with out informing your bank as with out a ‘consent to let’ the rental will be illegal. So have a good appear about and see what you are able to find. Speak to a number of different bank managers about your intentions and see what they can offer you.
Don’t forget to inform the insurance coverage business attached to you home of your intention to let, think it or not this really is also required by law. Forgetting to tell them will leave you liable for just about any expenses and legalities that come with any theft or harm that occurs while the tenants are there.
If you understand that your home features a university nearby; it may be worth taking a look at student accommodation. Not all students are like the stereotype associated with them, 3rd and 4th years particularly so try to become open-minded and use a little of common sense when interviewing potential tenants. The monetary benefits of renting a property as student accommodation are very good as you can rent each space instead of the property as a entire. The other benefit is the home gaining exemption from council tax as all of the occupants are students. Go to OnLet for more on exemptions