Can I get a BTL mortgage as a first time buyer? How can I do this

theAnarchist

Hi I am looking to get a property which eventually I many live in. But for the first 5 years I will probably have to let it out.

I have been told that I could do this on a standard mortgage but I would have to play the game.

Or I could do it legit on a BTL. The problem is I dont know if I could get a BTL as a first time buyer.

I know people that are letting their first home under a normal mortgage and living at their partners house.

What would be the best way for me to do this ?

thanks

_Andy_

Fraud then? Nice one.

brit1234

So you plan to intentionally comit mortgage fraud, thats why buy to let people always have a bad name. If this goes ahead i hope you get whats coming to you ie prison and lose of property.

Why can't you be honest and save a 35% deposit with a buy to let mortgage?

Its the tax payer bailing out all these banks to billion after what people like you have done in the past.

:mad:

theAnarchist

Its not fraud. I may not be able to keep the payments up for the duration of the loan. And I only have enough money to get a small place as a single person. So while I am sharing I would like to get this place up and running until I can afford to move into it.

poppy10_2

theAnarchist wrote: »

Its not fraud. I may not be able to keep the payments up for the duration of the loan. And I only have enough money to get a small place as a single person. So while I am sharing I would like to get this place up and running until I can afford to move into it.

It's still fraud, buddy, and completely illegal.

herbiesjp

theAnarchist wrote: »

Its not fraud. .

OK

If it is not fraud - then go to the lenders and tell them exactly what you want to do i.e. buy a place on a residential basis, knowing full well that you are going to let it

Post back what their answers are

_Andy_

Why ask for advice and then refuse to listen to it?

debtuptoeyeballs

If you buy do buy this house on a residential mortgage to live in yourself, you can, at a later date, apply for 'permission to let' depending on your lender. Most lenders allow this on a residential mortgage as far as I know - some charge an admin fee, some probably put the rate up. This is usually for people who have to move for work reasons or sthg similar i.e. a temporary measure.

Cannon_Fodder

Why not buy it, live in it, and get others to house-share so that it is affordable...being in situ improves your oversight of the property, instead of having to respect tenants' "right to peaceful enjoyment", thereby safeguarding the property from mistreatment.

As your income improves, reduce the number of house-sharers.

No tax bill to worry about, no risk of commiting fraud, no risk of your house insurance being invalid and owing the entire mortgage amount to the lender should there be a fire, no risk of void periods with no income to cover the mortgage...etc etc

Or proceed as you planned to all along, and enjoy the reverse of those factors.