Figures suggest Hull is one of the leading cities in the country for buy-to-let investors. Whether you’re looking for your first buy-to-let property or you already have a portfolio, Hull has some great opportunities for landlords.
A recent report placed Hull in the top ten buy-to-let cities in the UK. The report looked at yield, capital gains and rental price growth with Hull providing excellent returns across all three categories.
Why Hull is a great place to invest
There is no denying Hull has suffered from a bad press in recent years, however, the City of Culture events in 2017 promoted a very different image. Constantly featured in the media, a feel good factor swept through the city and highlighted the opportunities which exist in the area.
One positive feature of the city is its diversity of buy-to-let properties in Hull. Whether you’re looking for a single let or a house of multiple occupation (HMO), there is always a range of suitable properties on the market.
Where you can find buy-to-let properties in Hull
There are large concentrations of local authority housing in Hull as many tenants have purchased their homes under the Right to Buy scheme. These properties often come onto the market and could present an excellent investment opportunity for landlords who enjoy letting to families.
Hull is, of course, a university city and the thousands of students who study here need accommodation.The excellent bus links from other parts of the city means it may be worthwhile looking at properties suitable for students a little away from the typical student areas.
Hull is rapidly making a name for itself as a digital hub and the influx of young professionals into the city centre adds another vertical for landlords. Buy-to-let properties in the city centre aren't plentiful though new developments are planned, but there are many properties in the surrounding areas which offer rental potential.
Solving the buy-to-let puzzle
Finding buy-to-let properties in Hull isn't too difficult as we've seen there are opportunities all around the city. Once you’ve found the ideal property in the right location, you can then think about the mortgage.
Buy-to-let mortgages are very different to residential mortgages. A buy-to-let mortgage typically features:
- Higher fees
- A higher rate of interest
- The deposit required could be as high as 40%.
- The predicted rental income could determine the amount loaned.
- The lender may attach conditions to the mortgage (no DSS tenants, compulsory landlord insurance for example).
- Some lenders provide interest only mortgages which could leave you vulnerable if the property falls in value.
- Lenders can be reluctant to deal with landlords who have incorporated their business.
Our professional advisers at Mortgage Advice Bureau in Hull can search the market and source the right buy-to-let mortgage for you.
Our qualified experts have access to thousands of mortgages from many different lenders and will be able to find the right mortgage for you. If you're looking for buy-to-let properties in Hull, please call us on 01482 470444 or click here to request a callback.
The initial consultation is free and we can arrange to see you at your home or at our offices in Newland Avenue, whichever is convenient for you.
There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage
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