Buy To Let Charter

An Investor should:

• Plan to be a Buy to Let Landlord over the medium to long-term as it is an investment that produces a variable combination of rental yield and capital appreciation.
• Make an objective business decision when purchasing a property based on research of the needs and requirements of the local market, not, based on personal taste.
• Be aware that the rental market is fast moving with fluctuating supply and demand. This can influence achievable rental levels and occupancy rates.
• Take informed advice from both professional Letting Agents and specialised financial advisers from the beginning.

A Lender should:

• Conduct a thorough analysis of affordability and not lend more than you can afford to repay.
• Undertake a professional assessment of the security and the reasonableness of the forecast rental income.
• Provide clear information on Buy to Let products and services and on your obligations as a borrower.
• Explain what to do if you get into difficulties with mortgage payments.

A Letting Agent should:

• Demonstrate a comprehensive understanding of the legalities, regulations and obligations, which apply to Landlords, Tenants and Agents.
• Provide realistic and up to date guidance on supply and demand based on a detailed local knowledge of the market.
• Hold Professional Indemnity Insurance, separate Client Accounts and a Client Money Bonding scheme and employ trained, qualified staff.
• Have access to a complaints process over the service standards of letting agents and to procedures for resolving disputes over deposits between Landlords and Tenants.