The words that decide a deal, in plain English.

Annual cash flow after the mortgage, as a percentage of the cash you put in.

Annual rent as a percentage of the purchase price, before any costs.

The cash still tied up in a deal after you have refinanced.

Annual rent after running costs, as a percentage of the total cost to buy.

The total return on the cash you put in, often including capital growth.

Annual rent divided by annual mortgage interest at the lender's stress rate.

The loan as a percentage of the property's value.

The interest rate a lender uses to test whether the rent can carry the loan.

A short-term secured loan to buy quickly or fund works before a refinance or sale.

Replacing one loan with another, often to release cash after the value has risen.

Bridging interest deducted from the loan upfront instead of paid monthly.

Buy below value, add value with works, then refinance to pull your cash back out.

Buying a property to rent out to a single household on a tenancy.

Buy a property, add value with works and sell it on for a profit.

A property let by the room to three or more people from more than one household.

Furnished property let by the night to guests, workers and contractors.

Recent nearby sales or lets of similar properties, used to judge value or rent.

What a property or development will be worth once the works are finished.

The Scottish surcharge on second homes and buy-to-lets, added to LBTT.

A council order that removes permitted development rights, often for small HMOs.

A rating from A to G of a property's energy efficiency, needed to sell or let.

The tax on buying property in Wales, with higher rates for additional homes.

The tax on buying property in England and Northern Ireland.

The rule that limits mortgage interest tax relief for individual landlords to 20%.