UK Money News
23rd May 2008
Warning for would-be landlords
Homeowners looking to rent out their properties to take advantage of the demand for rental accommodation must first ensure they are equipped with relevant information, a buy to let mortgage firm has advised.
In its latest monthly report, the Royal Institution of Chartered Surveyors noted that 28 per cent more surveyors reported a rise in new tenant lettings than a fall during April.
It is thought that the rise in demand for rental accommodation is being fuelled by the tighter lending criteria being imposed by lenders, which is freezing potential buyers out of the market.
However, to maximise the potential rewards to be had, it is essential that would-be landlords ensure they are fully informed before entering the rental market, according to John Heron, managing director of Paragon Mortgages.
He commented: "Casual landlords need to ensure that they do their sums properly, account for all costs and know the laws and legislation around renting property.
"A number of new reforms have been introduced in recent years, such as tenancy deposit protection and licensing for homes in multiple occupation, and not complying with these could leave landlords seriously out of pocket."
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