First Time Buyer Buy to Let Mortgages

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Can I become a landlord if I'm not an existing homeowner?

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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It may be possible for a first time buyer to become a landlord with their first property.

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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First Time Buyer Buy to Let FAQs

Can a first time buyer purchase a buy to let?

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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.

Can I live in my buy to let?

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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?

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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?

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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?

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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?

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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.

8 Reasons to choose UK Moneyman

Mortgage advice 7 days a week, mornings and evenings.

We're available at times that are convenient to you, your personal life and your work life.

Our mortgage appointments are free to all who get in touch.

You won't be paying us upfront, we're only paid when we can find you a mortgage!

You will benefit from having your own dedicated case manager.

Your process will have a sense of familiarity, as you will be dealing with the same person all throughout.

We work for our customers, and will always do right by you.

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 provide jargon free insurance advice.

Our team will look at your personal and financial situation in order to find you the most appropriate insurance product.

1000s of possible buy to let deals for you.

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 are greatly experienced and knowledgeable when it comes to the buy to let market.

We have a reputation for building strong, lasting relationships with landlords. We aim to provide an simpler, stress-free service for you.

Your mortgage advisor will be with you every step of the way.

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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We search 1000s of first time buyer buy to let mortgage deals

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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

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