Your home may be repossessed if you do not keep up repayments on your mortgage.
Ulster Bank mortgages are available for over 18s.
Owning a rental property is a big commitment. You can't just put your money into it and forget about it. There are a number of responsibilities that come with letting a property so we've put together this list to help you get started.
If you've already got a mortgage on the property, you should either have a buy-to-let mortgage or permission from your lender to let the property. Make sure that you take out landlord's buildings insurance. You may consider taking out rent insurance, which could pay for legal costs if your tenants stop paying rent and need to be evicted.
You’ll also need to give your tenants a valid EPC, which outlines how energy efficient a building is and gives it a rating. You’ll need to get a Domestic Energy Assessor to create the EPC before you start marketing the property for rent.
You must be able to give your tenants an up-to-date current gas safety certificate that's been provided by a Gas Safe registered engineer. By law, you'll need to have all gas appliances serviced regularly, usually once a year.
You'll have to pay Income Tax on your rental income, minus your day-to-day running expenses. And you'll have to pay Capital Gains Tax on any profits over a certain threshold if you sell the property.
Are you going to use an agency or do it yourself? For a fee an agency can either just find tenants for you or fully manage the property.
Any person or persons who let property under a private tenancy in Northern Ireland must register their details with the Landlord Registration Scheme.
Do you need to decorate? Is it in good condition? What about the garden? Will you let it furnished or unfurnished? Does everything work like sockets, locks and heating?
You should be aware of potential risks and specific features of the private rental sector to help protect you and your tenants.
There is information available to help you understand your rights and responsibilities, and the Residential Landlords' Association has published various guides and documents. These guides cover things like setting up a tenancy, data protection, tax, benefits and payments.
Links are to non Ulster Bank websites. Ulster Bank is not liable for the accuracy of the information provided on these websites.
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