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Is now the time to take stock?

Tuesday, 26th April, 2016

It is essential that you assess your financial situation now to ensure you will be able to carry on making your mortgage payments, even if interest rates go up. To help, we have outlined some of the things you can start thinking about today that could enable you to be in the best possible financial position tomorrow.

Some good places to start

As a landlord there are some specific questions you mighy ask yourself, which could include:

  • have you planned the break-even points for all your rental properties?
  • have you reviewed your rental income against different levels of outgoings, factoring in your buy-to-let mortgage repayments at different rates of interest?
  • have you kept money aside as a contingency for void periods or sudden increases in mortgage payments or other expenses?
  • is now the time to obtain the security of a Fixed Rate mortgage with another lender?

The answers to these questions should help you to understand your current financial position.

If you are letting a single property, it could also highlight whether the yield is sufficient to make it a viable investment. And if you are a landlord with a number of properties, you may begin to see ways of improving the stability of your portfolio. 


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