Buy-to-let for a first time buyer

RichieAHB

Hi all,

I am a first time buyer with my wife. Her parents live abroad and we are currently living in their house in the UK, which has no mortgage left on it.

We are able to put down a 15% (maybe 20%) deposit on a new property that we would like to buy. However, we were wondering whether we could get some form of buy-to-let until her parents come back (perhaps a couple of years). Currently there are no buy-to-let mortgages that offer an LTV of 85%.

We were wondering, given our circumstances, whether there would be movability in what companies were able to do for us or whether these LTV values are fixed, regardless of circumstance.

If someone could point a way for us to achieve what we want with the percentage we have available this would be much appreciated!

Many thanks,
Rich

EDIT: if it makes a difference we both have extremely good credit scores and would be able to afford a mortgage if it were not but-to-let. It's just we don't need to live in it initially!

kingstreet

As a FTB it's harder to get a BTL mortgage than as an existing homeowner.

You'll typically need 25% deposit and the lender will look closely at your personal income to ensure you aren't using the BTL rules to get a property to live in, as you could not demonstrate you could afford the residential mortgage on that property.

Thrugelmir

RichieAHB wrote: »

We were wondering, given our circumstances, whether there would be movability in what companies were able to do for us or whether these LTV values are fixed, regardless of circumstance.

Lenders set the terms at which their willing to lend. You'll need to meet the criteria.

ACG

Speak to a broker, there is 1 lender offering 85% LTV BTL mortgages. There is another 1 or 2 that kick in 80% LTV.

Im not sure whether they would accept you or not being First time buyers but I wouldnt rule it out just yet.