First-time landlord guide
Becoming a landlord for the first time is exciting, but there’s more to it than buying a property and finding a tenant. This guide covers everything a new landlord needs to know — from getting the right mortgage to understanding your legal responsibilities.
In this guide
Can you get a buy-to-let mortgage as a first-time buyer?
Some lenders do offer buy-to-let mortgages to applicants who don’t already own a residential property, but your options will be more limited. Most mainstream BTL lenders require you to own (or be buying) your own home.
What are your legal responsibilities as a landlord?
- Annual gas safety check by a Gas Safe registered engineer
- Electrical Installation Condition Report (EICR) every 5 years
- Working smoke alarms on every floor and carbon monoxide detectors where required
What costs should you budget for beyond the mortgage?
Typical annual landlord costs
£300–£500
Landlord insurance
Buildings, contents, and liability cover
8–12%
Letting agent fees
Percentage of monthly rent for full management
1–2 months
Void periods
Budget for empty periods between tenants
£1,000–£2,000+
Maintenance & repairs
Boiler servicing, plumbing, decorating between tenancies
How do you choose the right investment property?
The right property depends on your goals. Are you looking for steady rental income, long-term capital growth, or both? Location, property type, and tenant demand all play a role.
Research rental yields in different areas. Yield is calculated as the annual rent divided by the property’s value, expressed as a percentage. A 5–7% gross yield is generally considered good for a buy-to-let, though this varies by region.
Consider the type of tenant you want to attract. A two-bed flat near a university will suit students or young professionals; a three-bed semi near schools will attract families on longer tenancies. Each has different management requirements and turnover rates.
Setting up your tenancy properly
Use an assured shorthold tenancy (AST)
The standard tenancy agreement in England and Wales. It gives both parties clear rights and obligations. Use a professionally drafted template or instruct a solicitor.
Conduct thorough referencing
Credit checks, employer references, and previous landlord references help you choose reliable tenants. Many letting agents offer referencing services.
Create a detailed inventory
Document the condition of the property with photos and descriptions before the tenant moves in. This protects you if there are disputes about the deposit at the end of the tenancy.
Protect the deposit
Register the deposit with a government-approved scheme (DPS, MyDeposits, or TDS) within 30 days and provide the prescribed information to the tenant.
Provide required documents
Give the tenant a copy of the EPC, gas safety certificate, the government’s How to Rent guide, and the deposit protection certificate before or at the start of the tenancy.
Common mistakes new landlords make
- Not budgeting for void periods, maintenance, and tax
- Forgetting about stamp duty surcharge and legal fees upfront
- Relying on 100% occupancy to cover the mortgage
Get started with expert buy-to-let advice
At Clearview Mortgage Solutions, we help first-time landlords navigate the buy-to-let mortgage process from start to finish. We’ll explain the stress tests, compare products from 90+ lenders, and make sure you understand the full picture before you commit.
Contact us for a free, no-obligation chat about your buy-to-let plans.
Related guides
More guides in our buy-to-let mortgage hub.
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