Buy to let, first time buyer

tinnedtuna

Hi,

I am in the fortunate position to work in a company that pays for my accommodation/bills etc as well as a decent salary.

I was looking to get a Buy to Let mortgage to invest some of the money I have saved. But all the Buy to Let mortgages I look at seem to state "not for first time buyers" etc.

Wondering can I get a Buy to Let as a first time buyer anywhere? Any other options?

Thanks,
Matt

GMS

How much are you looking to buy for and how much deposit do you have?

What is your income?

FTB for Buy to Lets are very restrictive.

tinnedtuna

Sorry should have clarified.

I have a 25% deposit.

Was looking for something around 100k

I can afford to save at least £2k a month, so could save for a few more months to get a bigger deposit.

Have you seen any FTB for Buy to Lets?

Thanks for the help.

GMS

What is your annual salary?

There are some options. Speak to a broker to see if you meet criteria.

Rental income would need to be in excess of the mortgage, usually by 25% or more.

Samps

Could you get a residential mortgage and then convert it later?

It seems that people are able to convert their mortgage to buy-to-let much easier than getting a new one in the first place. Lenders don't seem to ask for a greater amount of equity to do this or evidence that rental income will be in excess of mortgage payment.

GMS

Dangerous game that. No guarantees that a lender would allow consent and if intending to let from the start it is dodgy ground.

Much better to do it properly in the first place rather than try to cobble it together afterwards.

Meeper

There are options.

Any decent mortgage adviser should be able to assist you with this.

antrobus

Meeper wrote: »

There are options.

Any decent mortgage adviser should be able to assist you with this.

Well quite. It's not exactly that rare to find people who live in employer supplied accomodation yet wish to acquire a property of their own to inhabit at some point in the future and wish to rent it out in the meantime. Clergy for example. There are lenders who do this kind of business, and there are mortgage brokers/advisers who know their business.

Thrugelmir

Samps wrote: »

Lenders don't seem to ask for a greater amount of equity to do this or evidence that rental income will be in excess of mortgage payment.

The property would need to be owned for a minimum of 6 months before even being considered.

To attempt same would raise suspicion in any event. Also reason for CTL would need to be given.

Even underwriters read forums. :eek: