If you’re a landlord, you may be searching for ways to make sure you aren't paying more than what you need for your mortgage.

In this article, we are going to be sharing some of our top tips for buy-to-let mortgages to give you a clear idea. So, let’s jump right in!

Check your property’s current value.

You can gain an approximate idea of the current value your home currently stands at by taking a browse through similar properties to yours on the market more specifically in your area. For a more detailed valuation, contact the estate agent the house was sold with, and they can give you some information about the value.

Learn more about the deal you’re currently on and find out when it’s going to expire.

The next step is an important one, checking your current deal and taking a look at when it’s going to expire. To stay organised, we recommend always planning up to a year ahead to avoid added stress and rushing around.

Work out your current loan-to-value (LTV).

When you have worked out how much your property’s value is, it’s best to take a look at how much mortgage loan you have outstanding and then this allows you to calculate the current loan to value. As a rule of thumb, the lower the loan to value, the better rates you can unlock.

Have a long-term financial plan in place for your buy to let.

If you haven't got a maintenance schedule and expenditure plan ready for your buy to let, we strongly recommend creating one for peace of mind. This can include start-up costs and the costs that will be more regular to count for such as insurance, mortgage, and allowance for any repairs.

Get some professional advice from a specialist in this field.

Our final tip would be to speak to a professional who can guide you in the right direction when it comes to buying to let. Mortgage brokers are the perfect people to speak to if you have any questions or concerns.

For more information about our estate agent services in Manchester and Bury, then give us a call today!