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    • Kj1006
    • By Kj1006 11th Jan 18, 9:22 PM
    • 5Posts
    • 0Thanks
    Buying a buy to let when in employers accomodation
    • #1
    • 11th Jan 18, 9:22 PM
    Buying a buy to let when in employers accomodation 11th Jan 18 at 9:22 PM
    My boyfriend and I live in a house that is provided by his employer. We do not have to pay rent, council tax, water rates or for heating oil in this property. We are desperate to get in the property ladder but we have to live in the employers house for my boyfriends job. Would we be able to get a buy to let mortgage even though we are first time buyers? We would like to rent out the property until we are in a position to live in it ourselves. We currently pay £200 each into savings every month so would be able to contribute this each to a mortgage every month as well as any rental income that was generated. What is everyone's opinion?
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    • kingstreet
    • By kingstreet 13th Jan 18, 11:06 AM
    • 33,045 Posts
    • 17,813 Thanks
    Firstly, however, it will be nigh on impossible to get a BTL without an already existing mortgage/house
    Originally posted by joshiesaunt
    There are several lenders who offer BTL products to non-owners

    However, there are brokers who will be able to get you a residential mortgage with immediate permission to let as long as your employer is willing to say you will be living there eventually.
    Tends to apply more to services personnel. Outside that, you mention NatWest who want a timescale put on that occupation commitment, usually no longer than two years.

    This is definitely a broker job as suggested.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • theartfullodger
    • By theartfullodger 13th Jan 18, 11:24 AM
    • 9,397 Posts
    • 12,566 Thanks
    You don't have to own your own home to get a B2L mortgage: (Wife owns ours).
    • Mossfarr
    • By Mossfarr 13th Jan 18, 12:40 PM
    • 467 Posts
    • 644 Thanks
    Give your bank a call - they usually offer free financial advice. I did this when I was considering a BTL, I found their advice invaluable. They may also be able to offer you a BTL mortgage, I got mine through my bank and it was a lot less hassle as they already had access to my financial history.
    As the property prices are so high in your chosen area you may want to consider your first property purchase as purely an investment with a plan sell it and buy your own home in the future.

    PS I bought my first BTL without owning my own residential property. You will just need to show that you can cover all the costs when you have no rent coming in (void periods).
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