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 Rating269 Reviews
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
Lee
Absolutely brilliant both Matt & Stacey. Really clear with us what our options were. Will use again when i need to find another mortgage.
Ryan
Chloe and Tom were very helpful and informative throughout and very knowledgeable we would recommend UK moneyman to any first time buyers
Michael
I can’t thank or recommend these guys enough. Highly professional, helpful and friendly from the outset - very knowledgeable and great customer service.
Edward
Great company to work with, very helpful and always prompt to answer any queries.
Michael
Great service! Quick and trustworthy!
Jennifer
Excellent service from both Leo and Meghan who we feel went above and beyond to help us get our first mortgage, even when faced with some very unforeseen changes! They made the whole process extremely easy and understandable. We have already...
Keyuri
Very helpful
Shaun
Excellent service from the team, were very informative throughout the process even when we had to swap the house we were purchasing resulting in a new mortgage application.
Ian
Excellent service from Wayne and Stacey. Wayne took time to explain everything and reran mortgage calc a number of times as my property search went on which was much appreciated. Stacey was also extremely helpful, informative and quick to respond to...
Liam
Incredibly helpful from start to finish, gave me all the information I needed and made the whole process much easier
Mark
Megan and Wayne have been great throughout. Both really easy to work with and on top of things at every step of the process. Thanks a lot.
Anonymous
Excellent service by Malcolm, Paula & Meghan. We completed our purchase last week in what was supposed to be a very difficult case due to my bad credit and limited trading history as a director of LTD company. UKmoneyman dug out a lender that...
Jasmine
Very good service received. Wayne is very knowledgeable and helpful especially with me been a first time buyer. Also very accommodating with timings and I was able to have chats later on a night to fit my schedule. Very supportive all the way...
Joseph
So far so good ! The first point of contact was lovely, made me feel at ease and very knowledgeable.
Callum
Absolutely fantastic service from the start, in helping getting a mortgage. Charlie always replied to my messages as quickly as possible and was very clear, thorough and calming through the whole process, cutting out a lot of worries had I not used...
Jonathan
Great help from the team, helped find exactly what we were after, and was an easy straight forward process. Being self employed it can be tricky however there were no problems with the help and advice we received.
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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
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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
