Buy-To-Let Mortgage - Landlord's Checklist | Ulster Bank

Rental properties on a buy-to-let mortgage

Lending criteria, terms and conditions apply. Over 18s only and Republic of Ireland residents only. Mortgaged property must be in Republic of Ireland. Security, buildings insurance and life cover required. 

Landlords' checklist Keeping track of your responsibilities

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.

 

 

 

Mortgage and insurance

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.

Building Energy Rating (BER)

You’ll also need to give your tenants a valid BER, which outlines how energy efficient a building is and gives it a rating. You’ll need to get a this created before you start marketing the property for rent.

Gas safety certificate

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.

Paying tax

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.

Property management

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.

The property

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?

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