Letting, Renting & Buy To Let
Letting Your Property - You are letting someone stay in you home. You are allowed to charge them rent at a fair market price. You have to know your legal obligations to make sure the property is up to legal standards and safe. Usually when you let your property it is classed as an ‘assured shorthold tenancy’, unless you agree otherwise in writing with your tenant.
Renting Your Property - Some people decide to rent a property instead of buying. You will normally have to pay a fair market price to stay in the property which is payable to either a private landlord, your local council or a private housing association. Private landlords will usually require a deposit before you move in, this could be used for unpaid rent or damage to the property.
Buy to Let - This program is specifically designed for people to borrow money so they can purchase a property with the intention to let it out to tenants. Usually the rental income must exceed 120-150% of the mortgage repayment to cover the costs of repair, and for when the property becomes vacant. These types of mortgages will on average have a higher rate and charge higher fees.
