Help with type of mortgage

unicronicus

Hi,

My partner and I have decided against buying a house to reside in where we currently live (Isles of Scilly) and are now looking a securing a property on the mainland instead. Our plan is to buy a property on the mainland, rent it out to private tenants for the first 3-5 years and eventually move over to live in it. The snag is that we are both first time buyers, this will be technically a buy-to-let property to start with and we both live overseas...

What mortgage should we look at trying to secure looking at our circumstances? E.g. do we apply for a residential mortgage and then ask for consent to rent? Or do we just opt for the buy-to-let mortgage if any lender is willing to put themselves out for first time buyers like ourselves?

Any help is much appreciated.

Dan

stephenni1971

There is no opting to be done. You must use a BTL mortgage as you are buying to let.

Getting one without already owning a home will be difficult...

Yorkie1

It definitely won't be a residential mortgage as you won't be living in it after completion. It would be mortgage fraud to declare otherwise on the facts you've given so far.

The fact of not already having a residential mortgage may prove insurmountable but others will be able to provide better informed opinions on this aspect.

unicronicus

The last thing we want to commit is mortgage fraud, let's get that out there right away, hence why I want to know the best route to take to also get us the best deal. So at the moment a BTL mortgage is looking like the only option, with the "consent to let" under a FTB mortgage seeming impossible...