What’s an accidental landlord?
In recent months you may have heard the question, what’s an accidental landlord? Maybe you are one and you didn’t know it!
We asked our mortgage expert, Ryan Radford to explain the term and why it’s becoming more relevant today.
“An accidental landlord is someone who finds they’re now in a position to rent out a property. This could be they want to hold on to their own home when they move in with a new partner, they may have inherited the property or – as for a lot of expats I talk to – they have moved abroad but want to keep their home for when they return.”
Ryan adds, “These landlords have not intentionally decided to invest in property and are therefore ‘accidental landlords’. In most cases, they have little or no knowledge of being a landlord or the legal implications involved. For example, you must notify your mortgage company, as well as your insurance company, if you intend to let your home out. There are specialist products available that cover landlords and it’s important to have the right cover in place.”
With less experience of renting, many accidental landlords worry they’re making the right decisions. We always recommend getting expert advice. Not only about your mortgage and protection policies, but also using a reputable letting agent to help find suitable tenants and manage the deposit scheme.
“If becoming a landlord by accident works out, quite often clients return to us as they’re looking for new properties to invest in. We can work with them to identify rental opportunities, how much they can expect to pay for a mortgage and work out the return on investment. Our knowledge of the UK housing market also means we’re great at spotting the latest up and coming locations!”
Thanks to our experience of the UK housing market, we can work with you to recommend specific locations we think may offer excellent investment opportunities, whether you want to invest in long-term buy-to-lets, or you are looking for holiday-let investment opportunities.
To find out more about how we can help you with your UK investment, why not book a local appointment with our mortgage expert?
During our initial conversations, we can chat through your options and help you make an informed decision about the current opportunities available within the UK.