Using The Right Landlord Software To Track Your Mortgages

By Author: Property Portfolio Software
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One of the biggest challenges that we face as landlords is making sure that all of our property related mortgages and loans are properly tracked, and that we know at all times what levels of interest rate we are paying and when they are due to expire.

As your portfolio grows it becomes necessary to use an efficient landlord software solution to help you to better manage your loans.

Here are some tips on what you should look for in this area:

Does the Software Allow You to Track All Loans?
Now, as a landlord you will know that it is not just mortgages that you have on a property. You will also have loans that are secured on your property: personal loans; bridging loans; and even credit card loans.

The property management software should be flexible enough to allow you to record details of any kind of loan that you have.

Does It Remind You When Your Mortgage is Expiring?
This is a key feature, and one that every good landlord software application should have. In fact, it is safe to say that not knowing when mortgage rates are expiring has lead to too many landlords ...
... overpaying in interest charges. This, of course, has a negative impact on your cashflow.

Therefore, make sure that your chosen package will notify you when your fixed rate, discounted rate and other tie-in mortgages are expiring.

Fast Mortgage Analysis Reports:
Now, any good property management software package will come with reports that help you to quickly assess the data that you have entered in for your property business.

An essential report is to be able to see a snapshot of the exact standing of the loan. In other words, you want a detailed breakdown of the mortgage/loan including all the mortgage interest and capital repayments that have been made.

Another powerful report is one that I refer to as a ‘Mortgage Broker Summary' report. This report is a must and is going to save you a huge amount of time when you are looking to get more/new finance. This is because this one report answers all the questions every mortgage company is going to ask about your current loan commitments.

This report will typically include the following details:

all the mortgages/loans that you have
who the mortgage/loans are with
what amounts are outstanding
what redemption penalties exist if you decide to redeem the loan

And lots more details as well.