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.
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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 flexible around your work and family, we'll be there when you need us.
No upfront fees payable, we are paid on results only.
You'll always know who you are dealing with.
Getting a new mortgage or porting an existing mortgage isn’t always easy. We’ll be here to answer all your questions throughout the whole process.
Meaning you're safe and protected by our process, providing peace of mind. We take all the responsibility for the advice.
We shop around for the cheapest deal for you, saving you time and money.
There isn't a situation we haven't come across before, we fully understand your needs.
We'll help you overcome hurdles that you face along the way, for example, removing the stress of property survey and valuation problems.
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UK Moneyman's recent financial health check was incredibly thorough, well-communicated and professional and had a very positive outcome in terms of excellent income protection cover. They have also sourced two excellent mortgages for me on my...
I have used ukmoneyman's services for two mortgages and they have been absolutely amazing! My case had particular challanges, complexities and some technical misfortunes here and there. However Lyndsey and Leo have always kept me up to date,...
the staff are extremely supportive, friendly and helpful. I highly recommend them.
It was nice talking to moneyman this morning and I managed to book my first appointment on the same day, how amazing is that
We needed a specialised mortgage so using a broker was a no brainer. We didn't know what to expect but UK moneyman made the whole process smooth for us. Communication was amazing. Thankyou to Leo and Kerry.
Could not have been more helpful. Friendly and approachable and worked really hard to get us what we needed. Withdrawn highly recommend and will be using Moneyman in the future.
Brilliant service from the start and throughout!
This team really are fantastic, I carried out a RTB mortgage and they have executed perfectly, thanks again to the whole team. Very professional and fast acting.
Very smooth service
We contacted UK moneyman as our first mortgage advisor didn’t work out. After our first conversation things moved quickly, they were thorough with what information we needed to give them, which meant when it came to applying for the mortgage...
IT WAS LOVELY TALKING TO Helen today She was very professional and friendly and very helpful I am looking forward to her colleague Thomas calling me back at 3:30 as a range from conversation on telephone
Everyone at UK Moneyman was really helpful, polite and efficient throughout the process of getting our mortgage offer. As first-time buyers, the process seemed very overwhelming at the beginning but Charlie talked us through each step at the...
Dale was very good and very prompt thank your for your help dale
I spoke to Leaghne and she was very helpful and very patient and polite in all discussions we did. It was very easy to get through.
Really helpful and friendly team that got us the mortgage we wanted.
The service from Charlie and Chloe was outstanding! Charlie was by our side through all the start of the process and Chloe took over later on and helped with every issue we had to make sure everything ran smoothly. They both went above and beyond...
Warm Welcome. Understandi
Just spoke to Aaron very thorough good lad
Seemed a nice, friendly guy. Seemed to understand and actually interested in our application.
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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.
