Depending on what type of person you are and what other commitments you have, such as full time work etc. depends on your decision to either rent privately or to use a letting agent.

The advantages of using a letting agent

There are several perks to using a letting agent to help manage your buy-to-let properties:

    • Chase any outstanding rent payments
    • Assist with the eviction process
    • Help with getting references
    • Arrange for viewings - this can be particularly helpful if you aren’t local to the area
    • Ensure that all changes in legal requirements are communicated to you

For those of you who have the time to dedicate to these landlord duties, and things are going well with your tenants, you might feel like it seems you’re paying for this service but not getting a lot in return. If that’s the case then renting privately might be the right option for you.

However, those of you who have other commitments, you might struggle to find the time to carry out credit searches, check bank statements, pay slips etc. so leaning on an agency might be the right thing for you.

Important information

There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.

Your property may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.