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3 EYE-OPENING TIPS EVERY NEW HOMEOWNER SHOULD KNOW

Here are some tips to help me to ensure the rental process is as smooth and stress-free as can be for new homeowners.

1) Research BTL mortgages – and ensure I can pay

If mortgage rates are low, it provides a lucrative investment opportunity. However, I must be sure I can pay when rates increase in the future.

There are also new tax burdens to ponder on: second property owners have to pay an extra 3% stamp duty, while BTL mortgage interest relief is being slowly phased out.

BTL mortgage rates are at historic lows. However, I’ll need a 25% deposit, and my borrowing limit will depend on my rental income or personal affordability. This varies hugely depending on the borrower’s stress test, ranging from 145% at 5.5% to 125% at 2.99%.’

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2) Invest in an area with high yields

Over the past five years, rental yields in London have not kept up with property prices. However, there is substantial local variation – even from lane to lane.

To assist me to find the ideal location, we have developed a unique street-level yield map that updates with live data based on property prices from hundreds of estate agents across the capital.

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3) Join the National Landlords Association

Becoming a member of the National Landlords Association (NLA) will give me access to multiple resources that can assist in the day-to-day running of my property. These include:

• Online best practice forms, such as tenancy agreements and sample letters
• One-to-one telephone support
• Discounted rates on a range of products and services, including deposit protection, tenant referencing, property insurance and rent recovery

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From managing my rental property business, searching and screening tenants, and collecting rent, every step along the way matters. I want you to manage a top-notch rental business without sacrificing unnecessary amounts of time, money, and stress. TransUnion SmartMove is an online tenant screening service that is designed for busy, independent homeowners. Credit, background, Income Insights, and eviction reports are delivered to your inbox in minutes, so they can fill your vacant rental property instantly. With the correct tips and homeowner tools, being a homeowner doesn’t have to be so hard.

What’s your say about it? Whether being a new homeowner is a tough job or an easy one??