Top tips for buy-to-let

02-Mar-2007

People looking to start a property portfolio have similar advantages to first time buyers, according to a financial advice service.

Would-be landlords possess the same plus points as first time buyers when trying to buy a house as they are not part of a chain and are therefore in a better position for negotiating a discount, recommends This is Money.

To find out how to get onto the property ladder by buying to let in a different location click here.

The firm notes that this is a "sizeable asset" when discussing a purchase price as the vendor knows there is less chance of a sale falling through.

In addition, the website advises buy-to-let investors starting out on building a portfolio to ensure they haggle with their mortgage lender as well in order to secure a better deal.

"Do not just walk into your bank and building society and ask for a mortgage," states the adviser.

"People who do this when they need a financial product are one of the reasons why banks make millions in profit."

Meanwhile, property investment company Assetz recently claimed that holiday home rental yields of up to ten per cent were encouraging buy-to-let investors to look for property in the UK rather than overseas.

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