If you are a new landlord you should consider the following factors:
- Location – where your house is situated
- Features – such things as a garden, number of bathrooms, whether the property is gas or electric
- Maintenance – how you will ensure your property is maintained
- Pricing – how much it will cost you overall
- Tenants – who you will be letting the property to
Our mortgage comparison table can be used to find a mortgage plan that suits you. Mortgage types to consider include - Fixed rate mortgage – this type of mortgage is when interest rates do not change and you are assured a steady interest rate on your mortgage for a set period of time e.g. two years. This type of plan is useful for budgeting and provides certainty of your outlays. A Tracker mortgage – this type of mortgage follows the Bank of England base interest rate and may decrease or increase, depending on the base interest rate. If you believe interest rates will remain low this type of deal may be cheaper than a fixed term product however you run the risk of having to pay more in interest should rates rise.
It is highly advisable to compare mortgage deals in order to find the best possible deal.