20-08-2007
Lenders willing to offer buy-to-let mortgages for student properties
A number of lenders are willing to offer buy-to-let mortgages for properties let by students, new research has revealed.
According to data released by Moneyfacts.co.uk, there are more than 40 lenders in the UK willing to consider such an arrangement.
Lee Tillcock, head of business moneyfacts at Moneyfacts.co.uk has stressed the importance of assessing feasibility in terms of outgoing costs. Among the costs of becoming a landlord include maintenance expenses, property management fees and the costs of complying with existing legislation governing health and safety or fire regulations.
"While the upfront costs of purchasing the property can be sizeable, with deposits required, mortgage and solicitor fees to pay, there is the opportunity to reap a healthy reward," said Mr Tillcock.
However, would-be landlords should be aware that properties with groups of tenants may be required to have a multiple occupancy licence. Moneyfacts.co.uk offers comparisons on a number of products, including investment and loan products.
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