Letting agents states buy-to-let deposits have dropped

News Category: Industry News

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The amount of money that buy-to-let landlords have to pay to mortgage lenders as deposits has dropped, according to a letting agent.

LetAssured stated that landlords looking to increase their property portfolio will be looking for low house prices coupled with affordable mortgages.

Speaking to HomeMove, LetAssured managing director David Plaister commented: "With workable interest rates and sensible deposits, landlords can once again start to consider property as a serious investment vehicle."

However, he added that landlords need to choose their letting agents carefully in order to avoid "hidden fees or extortionate maintenance charges".

This comes after Fergus and Judith Wilson, a couple who have 40 years of experience as landlords behind them and currently own and let more than 700 properties, advised using a letting agent to rent out a house.

They told the Guardian that they pay ten per cent of the rent to the letting agent to find tenants for their homes and to manage the properties for them.

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