Page 23 - August 2023

EXPERT ADVICE EXPERT ADVICE

Five top tips on professional property Five top tips for remortgaging in 2023
management ESPC Mortgages’ David Lauder shares top tips for those whose fixed

term is coming to an end.
Thinking of investing in property? Nicky Lloyd, Head of ESPC Lettings, explains the
reasons why you should consider using a professional property management service.
Do your research Choose the right mortgage term
01 Be business minded. Find out when your fixed term is coming to It may be tempting for your budget to
n recent years, stock levels of Employ the best people to look after your an end, to avoid incurring any early repayment pick the longest available term, but you need to
rental property in Edinburgh charges, and the earliest date that your current think carefully. Speaking with an independent
Ihave been outweighed by the property – it’s your asset and you need to make provider will offer new options. Also, find mortgage adviser can help you to gauge
sure it’s being well looked after.
sheer demand from tenants. There out your loan-to-value. If it’s close to a rate what the most appropriate option is for your
simply aren’t enough properties threshold, speak with your lender to see if this personal circumstances.
available for rent, and with that in 02 Don’t get too emotionally involved. can reduce your mortgage rate.
mind, more and more people are Think about the type of tenant you want to Remember to factor in fees
considering investing in the buy-to- attract and whether they will be happy in your Get independent advice
let property market. property, rather than imagining yourself there. Keep an eye out for upfront fees and other
Make it bright, clean, attractive and welcoming, Speak to an independent mortgage costs that may affect the overall value of your
However, being a landlord doesn’t but you don’t need to blow the budget on adviser with access to the whole market, who mortgage deal, such as title deed release fees
can guide you on the available options. Work
to leave your existing provider, or any CHAPS
end with signing a contract with making it your personal dream home. out a true costing of the best overall option, payments to transfer the mortgage across.
your new tenant. Being a landlord factoring in any arrangement fees. Be mindful Most remortgage options should provide free
requires planning, care and keeping 03 Keep it well-maintained. that staying with your current provider can be standard legal work to transfer across, plus a
up with constant changes to Tenants are willing to pay good rent for good quicker, meaning more chance of securing free standard valuation, but anything non-
legislation and regulations. That’s properties, and by keeping the property well- a deal at the current rate – plus, they won’t standard may incur additional costs.
where ESPC Lettings and our maintained, you’re also likely to keep that tenant proceed with affordability assessments if you’re
professional property management for longer. Additionally, you’re more likely to not changing the mortgage amount or term.
service can help – here are our top attract a tenant who will treat the property with
five tips on managing your property. the same respect as their own home.
Forward plan
If that sounds like a lot of work, 04 Regular inspections Think about your intentions before
remember that ESPC Lettings Booking in inspections on a regular basis securing your next mortgage. How long do
can handle all these tasks for you, ensures that your tenants are looking after you plan to live in your current home? What
plus much more, as part of the the property, but this can also highlight any about family plans or career changes? Try to
property management service we maintenance that may be required and gives avoid securing a preferential rate which would
provide. To find out more, contact tenants the opportunity to flag any small snags tie you in beyond your expectations, which
ESPC Lettings on 0131 253 2847 or that might later turn into bigger issues. may impact your mortgage choices for any
landlord@espc.com. onward purchase.
05 Find the right tenant.
Reference and affordability checks are an
The initial consultation with an ESPC Mortgages adviser is free responsibility is accepted for any errors which, despite our
important part of the application process. Make and without obligation. Thereafter, ESPC Mortgages charges for precautions, it may contain.
sure to check the applicant’s employment mortgage advice are usually £395 (£345 for first-time buyers).
status and previous landlord references to feel YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP The Financial Ombudsman Service is available to sort out individual
REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED complaints that clients and financial services businesses aren’t
reassured that you have found a great tenant. AGAINST IT. able to resolve themselves. To contact the Financial Ombudsman
Service, please visit www.financial-ombudsman.org.uk.
The information contained within this article is subject to the
ESPC Lettings is an Edinburgh letting agent. We can help with marketing your rental property and finding the right tenants. UK regulatory regime and therefore restricted to consumers ESPC (UK) Ltd is an Appointed Representative of Lyncombe
Contact the team on 0131 253 2847 or landlord@espc.com. based in the UK. It has been provided in good faith. Whilst every Consultants Ltd which is authorised and regulated by the Financial
care has been taken in the preparation of the information, no Conduct Authority.
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