Before you start looking at properties, it’s a good idea to talk to a mortgage lender to get an idea of how much you might be able to borrow and how much repayments will cost.
Buy to Let mortgages are different to normal residential mortgages, because the amount you could borrow is also linked to the amount of rental income you expect to receive plus in Ulster Bank we include any additional disposable income you may have.
Don’t forget, you’ll also need to set aside some money to pay for other costs like solicitor’s fees, surveys, mortgage costs and Stamp Duty. On top of that, you might have to pay agents fees, for redecorating and ongoing maintenance costs. You also will have to decide if you’ll use agents to manage the property or manage it yourself.