Buying a property can be the biggest decision made in our lives. It is for this very reason that impartial advice is critical from qualified advisers.

Becoming a private landlord should not be seen as an easy way of making money. It can be riskier and more complicated. It can also be very time consuming, more than most forms of investment, and there is no guarantee that house prices will rise. That said, having a second property to let to tenants could reap considerable financial rewards over time.

There are 3 main differences in buy to let mortgages:

Rent Potential - the decision as to whether or not a mortgage will be offered is usually based on the rent you will earn as well as your income. In some cases a lender won't need to factor your own income in.

Interest Rate - buy to let mortgages usually have a slightly higher interest rate.

Larger Deposit - typically a minimum of 20% or 25% of the property's value is required as a deposit.

When buying a second property to let, you will need to decide whether your primary objective is income or capital growth. In other words, are you looking to make a profit month on month or are you looking to make a profit through increased equity from the second property if it increases in value over time? The decision may affect the type of property you purchase, and the location.

When choosing a property to let, it is wise to take advice from local letting agents to determine; what types of properties are in need and which parts of the town are best or most wanted. They can tell you if there is a University in the town, and if students are looking for somewhere to live.

Your home may be repossessed if you do not keep up repayments on your mortgage(s).

Buy to Let Mortgages are not usually regulated by the Financial Conduct Authority.

There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but we estimate that it will be between £295 - £495.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE.

There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.