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.
Apply NowCan a first time buyer purchase a buy to let?
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.
Can I live in my buy to let?
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.
What is the criteria for a first time buyer buy to let mortgage?
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.
Can I have 2 mortgages?
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.
Can I use the equity in my house for a first time buyer buy to let deposit?
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%.
Why choose a mortgage broker?
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.
Our Customers Love Us
4.97 Rating255 Reviews
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.
Paul
Very helpful and efficient service. Wayne, the financial advisor who handled our case was thorough and professional, he gave us some very useful information and importantly sourced a good mortgage for our needs. Once we had a mortgage offer in...
Louise
From start to offer leo and jo have been great and done everything so quickly and I have not had to stress once been to other broker companies and this is the best by far will definitely use them again 😊
Hasan
excellent service
Anonymous
My initial interaction with Faye from UK money man has been really personable and I felt like she understood my needs very well. I’m hoping they can help deliver what I need and I didn’t feel any pressure to have to go further with my...
Rodrigo
UK Moneyman have been super helpful and reliable. Have always been able to count on them getting back to us quickly and made us feel comfortable checking anything out we were not really sure about. They made the whole process as easy and hassle free...
Steph
The team were fantastic, in finding the product for me. Jo also walked me through what to expect when purchasing your first home I.e. time frames, and answer my many questions. Also their after care has been great, checking in on how the purchase is...
Luke
Myself and partner used UK Moneyman for our first time buyer mortgage. We’ve had round the clock care well above the norm. Multiple routes forward regarding which mortgage to go for with lots of information to help prepare us through the...
David
I cannot thank the UK Moneyman service enough. Securing a mortgage meant more than just that to me, it was – is - a life chance. However, because of my credit history, I didn’t think that it could be done. Right from the start of the...
Nathaniell
Leo and Kayleigh have been great from the first phone call that I made to them. They have both helped us each step of the way and it has been a great comfort to my wife and me that everything had been taken care of by them both. We will definitely...
Mary
Ryan and Kayleigh were incredibly helpful and always available to answer our questions whenever we needed - and we had a lot of them as we are first time buyers who didn't have a clue about any of the process to begin with! They secured our...
Danielle
UK money man where so helpful. Chloe and Joe was amazing with us. Stayed in contact with us giving advice and updates, so glad we chose UK money man! Thanks for all your help.
Anonymous
Amazing, when ne and my partner first looked into buying a house, we had no idea about how to get a mortgage or anything. Moneymen were extremely helpful all the way through and sorted everything smoothly and efficiently! Very happy, will use again...
Rebecca
We’re so glad that we decided to use UKM to help us through the process of buying our first home, they took most of the stress off our shoulders and we’re always there to answer any queries. Would definitely recommend them to anyone...
Thorsten
I found Dinah at Harrogate Moneyman to be extremely supportive. She listened carefully to our needs, proposed solutions and followed up closely. A great service - I’d recommend Harrogate Moneyman to anyone looking for mortgage options.
Read our 255 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
