NLA offers credit crunch advice for landlords - buy to let mortgages

13 August 2008

The National Landlords Association (NLA) has set out a series of tips for landlords to help them not only survive the credit crunch but also prosper.

It has stated that good research and taking plenty of advice are essential tips to ensure success for those with buy to let mortgages and other property owners.

The NLA also suggested landlords should prepare ahead of time by ensuring they meet all legal requirements, have details in tenancy agreements to deal with deposits, establish a contingency fund to pay for any sudden costs such as urgent repairs and start advertising for new tenants before the old ones leave to cut down void periods.

NLA chairman David Salusbury commented: "By following the NLA top tips, landlords could increase their chances of getting the most from their properties at a time when the wider economic outlook is not looking so good."

Another tip - that of pricing just below market rates to ensure competitiveness - may be wise in the light of new research by insurers Axa, which has said that many tenants are finding it harder to meet their rent costs due to the pressure of rising prices.