THE COUPLE WHO KEPT TWO HOMES

RAJ SHAH and his wife Fiona became landlords by accident. Like many young professionals, they each owned a home before becoming a couple.

When they decided to move in together in 2008, they chose to live in Raj’s property, but kept Fiona’s two-bedroom, end-of-terrace home in Sheffield, worth £160,000, as an investment. The rental income it produced would be useful, while any increase in value would build up a nest-egg.

The property is let to a young couple. The rent covers the mortgage repayments of £600 a month. Fiona, 41, and Raj, 39, live in a three-bedroom house nearby with their boys Oliver, three, and Alexander, almost two (above).

They are typical of thousands of ordinary couples who have joined Britain’s buy-to-let boom. But becoming landlords has been a learning process.

Raj, 39, the director of financial advisory company Blue Wealth Capital, says: ‘It’s quite an old property. There have been one or two problems with condensation and a leak. We’re on good terms with our tenants, which is important. Any jobs that need doing we sort out via email.’

Raj says keeping the property rather than selling has been a good decision.

‘We’ve incorporated the house into our financial planning. It could be a property that we pass on to our boys to help them get on the housing ladder or it might serve to bring us an income during retirement. It’s just nice to know it’s there.’

‘Accidental landlords’ need to contact their lender for permission to let the property and the mortgage rate may be revised. Without permission, you are in breach of mortgage conditions and the loan could be called in.

Your home insurance company must also be told it is a let property, which will mean a change of premium.

Also, be aware of legal requirements for gas and electricity safety certificates on gas appliances. All rental properties must have an EPC (energy performance certificate), valid for ten years, before going on the rental market.

‘IT WILL HELP OUR BOYS IN THE FUTURE’