Cost of Buy-to-Let Mortgages Sees Sharp Increase
In November an announcement was made that the Bank of England would be increasing their base rate and since then there has been a sharp rise in the cost of buy to let mortgages.
Moneyfacts, an independent mortgage market monitor, says the average two-year tracker buy to let mortgage rate has risen 0.2% above 2016’s figure, now standing at 2.43%.
The service’s finance expert Charlotte Nelson has stated, “Rates have turned around from the record low of 2.23% in November with the largest monthly rise that has ever been seen on Moneyfacts’ records”. Sen continues, “Not only has the average variable tracker rate increased, so too has the average two-year fixed rate, seeing rates bound upwards and nearing June 2017 levels with the highest monthly rise since April 2015”.
As financial matters continue to affect professional landlords and the letting agent fees ban debate rumbles on, it is vital that both groups spend efficiently and do not succumb to losses through unpaid rents, voids and damages.
One solution in mitigating the cost of damages is to ensure that you have a robust property inventory in place to use when retaining deposits or against claims from tenants.
Inventory's are a requirement but to do the bare minimum is a false economy. A good property inventory report should contain more than 150 pictures and should cover all aspects of the property. If you don't have the time or you time might be more profitable if spent elsewhere then talk to a property inventory clerk who will be able to Assist you and ensure that your letting enterprise is protected and efficient.
Property Inventory Experts
We are Assist Inventories, we have an extensive history in the property industry so we understand our clients and their operations. Contact us today to book a property inventory report on one of your properties and see what we can do; you can even ask us about our discounted inventory services rate card for everyone who receives this email.