With mortgage rates at their lowest in years, insurance premiums finally coming down, and new legislation on the horizon, the planets are aligned for a review of your rental property.

It’s your opportunity to slash costs, increase income, and set up your buy-to-let for maximum profitability - not just for now, but for many years to come.

With that in mind, let’s take a look at five key areas where you can get more out of your investment.

Mortgage deal review

Insurance audit

Minimising maintenance costs

Boosting income and cutting tax

Valuing your time

A profitable property is a successful one, so let’s get on with finding those hidden savings for an immediate financial refresh and return.

MORTGAGE DEAL REVIEW

With seven reductions in the Bank of England’s base rate since December 2023, now’s the perfect time to review your borrowing as a better deal could well be waiting in the wings.

Whether you’re looking to simply switch lenders or remortgage to finance additional purchases, follow these steps to get the best deal and avoid limiting your options.

A ‘whole of market’ independent financial advisor as they access every available product. Brokers also have exclusive deals that aren’t available direct from lenders.
Fixed rates are cheaper, but check for early repayment penalties in case you want the freedom to sell in the reasonably near future without losing thousands in redemption fees.

Explore whether any application fees outweigh the benefits of switching to ensure that you don’t end up trading valuable flexibility for only a few pounds in savings.

Even a fractional reduction in your interest rate can save you thousands of pounds over the lifetime of your mortgage, so it’s wise to ensure that your biggest expense is as low as it can be.

INSURANCE AUDIT

Now that insurance premiums have begun to come down, it's a good moment to ensure you aren't paying more than you should for your cover. Here are some tips to get the best result.

Check whether your existing policy is either due for renewal or offers a pro-rata refund when cancelled within the current term.

Use online comparison tools like MoneySupermarket or MoneySavingExpert to get an idea of current offers and coverage, including voluntary and/or compulsory excess options.

If you find a cheaper deal, go back to your existing provider and see if they’ll match or beat it - it’s astonishing how the threat of losing a customer can produce an instantly better deal!

A simple review can save you hundreds of pounds a year, and often provide better coverage—a fine pair of rewards for a few minutes of work.

MINIMISING MAINTENANCE COSTS

One of the most effective ways to minimise maintenance costs is to identify problems early on, and we know the best way to do that is to make regular inspections at least every six months. You can also:

Ensure that boilers, heating systems and appliances are checked each year, and review any service contracts to see if there are better deals to be had.
Swap out any cheap appliances. In our experience, parts of budget brands tend to fail sooner, while even a 2-year-old model from Bosch or AEG is likely to give you a hassle-free decade.
Provide your tenants with instruction manuals and clearly state that they are liable for any costs arising from misuse. Being direct about this encourages awareness and conscious responsibility.

With some simple planning and preventative maintenance, you can avoid costly emergency repairs and keep your tenants mindful and happy—both of which protect your bottom line.

BOOSTING INCOME AND CUTTING TAX

Even the most award-winning exercise in cost-cutting is only dealing with half of your property’s potential. For a fully effective performance, you also need to focus on optimising its income.

Ask yourself these three questions:

Is the rent below the current market value? If you can legally review what your tenant pays, check comparable properties in your area to see if an increase is fair.

Can you upgrade anything? Making improvements can significantly boost your rental yield, and our Luxury Lettings blog is full of ideas to help your property reach its full income potential.

Are you missing out on any tax benefits? Start with our Landlord Tax Tips blog, and speak with an accountant to ensure you claim every possible deduction.

True profit has three pillars: income, expenses and investment. By giving them all your focus, you can inject your rental property with the best possible shot at prolonged and limitless growth.

VALUING YOUR TIME

Are you a landlord or a property manager? One builds wealth and freedom, while the other manages people, handles problems, and maintains legal paperwork.

The roles can get conflated, but not without restricting the time available for each one. To put it in perspective, think about the following:

If you’re a DIY landlord, consider whether the personal cost of finding contractors, managing repairs, keeping up with legislation and risking fines for mistakes truly adds up to good value.
Even the relatively mild fine of three months’ rent for deposit admin errors is more than the cost of a managing agent for two years. £30,000 fines and even prison await more serious infractions.

If you’re unhappy with your existing managing agent, you don’t have to stay with them. Try our guides to Bad Management and Choosing A Letting Agent to explore your options.

Time is the one commodity that you can’t simply manufacture, and having more of it is the way to thinking bigger, having less stress, and living the life you want to live - you can’t put a price on that.