Most buy to let lenders want new customers to be existing homeowners but it is possible in some circumstances to obtain a first time buyer buy to let mortgage. You will need to have a good income in order to qualify for one of these, usually £25,000pa or more and also have a 25% deposit. The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.
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Whilst it is unusual to encounter buy to let first time buyer scenarios, sometimes it can where the applicant is young and wants to continue living in the family home or if they live with a partner but they are not named on their mortgage. Through our experience being a mortgage broker, we have dealt with various first time buyer buy to let scenarios.
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The simple answer is yes, you can become a buy to let first time buyer, however, most lenders will want an applicant that currently owns a property over someone who has no experience in the field.
You cannot live in your buy to let property. These mortgages are designed for landlords who will rent them out to tenants. You will need a standard residential mortgage for a home if you want to live in the property.
To get a mortgage on an investment property, you will generally need a deposit of at least 25%. The amount you can borrow is usually calculated on the rental income that the property is likely to generate. There are some lenders who do not focus on your personal income when it comes to taking out a buy to let mortgage, whereas others need you to be earning £25,000 pa or more.
Yes, you can, however you will need to provide sufficient evidence that you will have the ability to meet both sets of monthly mortgage payments from either your personal earned income or rental income.
If you have sufficient equity in your house and can release this equity, you are able to use this via a remortgage for a deposit on a buy to let property. Remember, a buy to let deposit is typically 20%-40%.
Our job as a mortgage broker is to put you in the best situation possible as a first time buyer landlord by searching through 1000's of buy to let deals to find the most suitable one for your personal and financial state. We are here every step of the way on your buy to let journey to answer any questions you may have.
We're available at times that are convenient to you, your personal life and your work life.
You won't be paying us upfront, we're only paid when we can find you a mortgage!
Your process will have a sense of familiarity, as you will be dealing with the same person all throughout.
Becoming a landlord when you've never owned a home before, can be a daunting experience. We're here to guide and support you.
Our team will look at your personal and financial situation in order to find you the most appropriate insurance product.
We'll look at our panel of lenders to find the most suitable deal for your circumstances and what you're looking to achieve, with the lowest rates we can find.
We have a reputation for building strong, lasting relationships with landlords. We aim to provide an simpler, stress-free service for you.
Throughout the process, our team will help you overcome any hurdles that may occur like issues with property and down valuation.
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4.97 Rating285 Reviews
Hannah
The whole team at UK Moneyman have been so friendly and helpful, whilst also providing an excellent service and securing me a mortgage offer really quickly. Even when there were questions and changes, they went over and above to help and always came...
Sarah
Fantastic service from Tom Bowes
Brooke
Excellent service, great communication & highly professional
Khristopher
Malcolm and Meghan did a great job with my application which due to a chain breaking down had to be done for two different properties, was kept informed throughout and they made me aware of changes in the market i didn't know about. Would...
Hilary
Matt and Wendy worked tirelessly and creatively to reach a great mortgage outcome for me in what was a less than straightforward journey. The commitment and advocacy was fist class and communication, always excellent. Matt really earned his broker...
Nina
I'm very happy with the services UK Moneyman have been providing during my buying process so far. I'm a first-time buyer so it was very important to me to have a mortgage broker who could answer all my questions in a timely and...
Stuart
Great team who works to get you exactly what you need, they made the whole process smooth and painless, so I would highly recommend them.
Danielle
I honestly couldn't have asked for a better service with UK Moneyman! I have been working with Charlie and Wendy! They have been SO helpful throughout the whole process and so supportive, never a hassle for them when I've been bombarding...
Clair
Informative, friendly, helpful and efficient service.
Katie
Really glad I went with UK Moneyman for my first mortgage, explained everything to me so well and was always on hand when I needed them as I work long hours at weekdays so having appointments on the weekends was so helpful for me, would definitely...
Natalie
Tom and Chloe were super helpful with our first time mortgage. We had a couple of properties fall through but Tom was there to help and guided us through the whole process.
paul
I think anyone would have difficulty finding a more helpful and friendly Financial Advisor. We used them to find a suitable later life mortgage and their effort and persistence in the face of some difficulties (caused by our particular...
Anonymous
Good advice and a professional hand both made the process seem effortless. Full marks for a service and result!!
Christopher
Wayne and Paula have been very helpful in helping me purchase my first house would highly recommend them to anyone wanting a mortgage advisor! Wayne was also very flexible with time as I have very odd working hours and worked out a time for phone...
Carol
Excellent service, Tom and Lynsey were responsive and extremely helpful including in resolving issues of transferring the offer to another property when the seller of the first property I was buying pulled out.
Marco
It's the 3rd time I've dealt with the team at UK Moneyman, as before they have been informative, punctual, detailed and a pleasure to deal with. I couldn't reccomend them more highly.
Suzanna
Excellent communication from start to finish. Highly recommend.
Rasheda
Very friendly and provided all the information I needed.
Pauline
Very pleased with Allen’s professionalism , he was able to answer all my questions to my satisfaction
Paul
Excellent experience all around, used for two mortgages and will use again
Read our 285 Reviews
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
