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How quick can I rent a property after purchase?

soapstar88 · 2015-01-13 10:25:37

Hey, I desperately want to get on the property ladder however due to not having a mortgage I cannot get a 'buy to let' mortgage. Would it be possible for me to buy a flat, then rent out after a few months? Is this mainly down to the lender and there policies? Would I have to switch to a buy to let mortgage given I want to…

Comments

kingstreet Posts: 39,353 Forumite

13 January 2015 at 12:44PM

soapstar88 wrote: »

I was always under the knowledge that a first time mortgage can never be a BTL mortgage? As there are far too much risk involved for the lender

Some lenders want an applicant to be a homeowner, with or without a mortgage.

However, there are lenders who will offer BTL products to FTBs. You will need to demonstrate you could afford the purchase on a residential basis so they can establish you aren't trying to circumvent the affordability rules for residential mortgages.

Speak to an independent broker.

I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
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