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buy to let mortgages for the first time buyer

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I want to buy a house to let for my parents. I have guaranteed rental income from them and, as I rent my own property, have a deposit of around 15%. Can anyone advise me, should I get buy to let or, could i get a standard mortgage as it for my parents and I rent my flat?
Help!:eek:

Comments

  • Yorkie1
    Yorkie1 Posts: 12,022 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Unless you will also be living there, you won't be able to get a standard residential mortgage.

    BTL products tend to need a higher deposit and you may find that 15% is insufficient. There are many lenders who are reluctant to lend to FTBs on a BTL product too.

    Hopefully one of the mortgage brokers will be able to offer some positive suggestions though.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Sorry it is not clear, do you own or rent the flat you refer to for yourself?
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
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