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 for a first time buyer/first time landlord scenario to occur, 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.
Apply NowCan a first time buyer purchase a buy to let?
The simple answer is yes, 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 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 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%.
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.
No vested interests, do you want your builder or estate agent knowing your maximum lending when you're trying to negotiate your price, you'll receive a mortgage tailored to your needs.
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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Excellent service from Matt & Molly. Throughly recommend UK money man
All staff very helpful ..patient and knowledgeable. I was always spoken to professionally and courteously. Wayne gave me sound advice and helped me sort out issues in an area I am new too. Very grateful for help and support given.
Excellent professional service from start to finish. Staff are extremely friendly, professional and kept us informed every step of the way, making what can be an extremely stressful process quick, efficient and hassle free. This is the second time...
House-buying is a very stressful business but obtaining a later-life mortgage with UK Moneyman was a pleasure. The staff were extremely professional, knowledgeable, efficient and polite. They obtained a very good deal for us at the speed of light!...
Very Easy to talk to and Very Helpful.
From the start all the staff I have had the pleasure of dealing with were kind, knowledgeable and helpful, and accommodating to my variable shift patterns. Thank you Jason and Chloe for taking me through it all step by step.
Third time using Moneyman. The service has been excellent every time.
UK Moneyman have helped to co-ordinate both my initial mortgage as well as the remortgaging of my current property. The team members from initial deal scoping across the markey to seeing the process through to completion have all been extremly...
Excellent service provided, took out a new life insurance policy easy and stress free 5* service as always
Very polite, help and friendly, listened to what I had to say .
Really helpful and quick to get back
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Being a first time buyer and not really knowing any process or what I need to do Mizna Coates was incredible at helping me sort my life insurance out. She was determined and diligent at trying to source a provider to give me critical illness...
Moneyman are brilliant. Don't know what I would have done without them. They have sorted my mortgage, life Insurance and home insurance. I had know idea were to start. Mizna is a total asset to the company. I feel like I have made a new...
Very helpful thank you
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Brilliant service from start to finish. Great communication and always go out their way to help. Mizna looked after us this time for our life insurance and critical illness cover. It wasn’t straight forward to get us cover but she did...
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UK Moneyman (Charlie and Chloe) were fantastic during the process of applying for a Mortgage. I sought their help for a mortgage that was outside of what the bank was currently offering and after a few negotiations, they delivered the product that I...
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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.
