Other Important Things to Do
As well as taking care of your legal obligations, you should also consider the following important aspects:
- Landlord insurance is not a legal necessity but it will be a condition of your buy-to-let mortgage. Ensure you have the necessary landlord insurance cover. Is it worth risking your investment by not having cover or by having the wrong type of cover?
- If you don't have a buy-to-let mortgage you won't be breaking the law, but you could be invalidating your landlord insurance. If your mortgage provider discovers you're renting out your property while still having a residential mortgage they could penalise you financially, too.
- If you're renting out an HMO, for example a student house, you'll need to ensure you have met your electrical safety obligations and conduct PAT testing in the property.
In addition to taking care of your tenants, make sure you take care of yourself, too.
Make sure you have an accountant. See how much tax you will have to pay up until the 2020/21 tax year using our sliders below.
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This calculation solely illustrates the impact of the restriction of mortgage interest relief.
How will you offset this change?
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