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Changes to Private Landlord Registration Regulations

On November 13, 2019

Changes to the registration process affecting Private Sector Landlords took place on 16th September 2019. The Scottish Government have introduced a more comprehensive, rigorous application process in order to raise general awareness amongst landlords of their legal requirements. The changes should not have a significant impact on landlords who are already meeting the existing standards,

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Consent To Let

Many first-time landlords are unaware they need consent to let their property from their mortgage lenders.

Some lenders may approve an application without penalty others will charge a one-off fee, whilst some companies may increase the interest rate on the existing mortgage.

Depending on a mortgage company policy, it may be worth considering transferring to a buy-to-let mortgage. This may be a little more expensive than a residential mortgage and early repayment fees on an original mortgage may be incurred. A long term saving, however, may achieved be over the rental income and capital growth of the property would outweigh the initial set up costs.

For prospective landlords, an interest only mortgage may not only offer the benefit of cheaper repayment terms, but also potential tax advantages.

Please dont be tempted to go ahead and let without your lenders permission as this may breach the conditions of your mortgage agreement. This can have serious consequences culminating in the lender taking possession proceedings against you.

Our recommendation is to seek professional advice from an independent financial adviser who specialises in mortgages before making any decisions.


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