B2L first mortgage

thegentleway

Hi,


Can your first mortgage be B2L? I can't find any providers: they all want me to have a residential mortgage first.


Thanks,


Tom

betmunch

This can be done, but the lender options are limited to say the least, I can only think of one off the top of my head, but there could be others.


Best thing to do is contact a broker to go through a full find find and see if you would be likely to be accepted once the whole picture is revealed.


Good Luck

thegentleway

Thanks betmunch, who is the provider you can think of?

betmunch wrote: »

This can be done, but the lender options are limited to say the least, I can only think of one off the top of my head, but there could be others.


Best thing to do is contact a broker to go through a full find find and see if you would be likely to be accepted once the whole picture is revealed.


Good Luck

kingstreet

As the BTL route can be used to commit mortgage fraud by those who couldn't satisfy residential affordability requirements, many lenders won't offer BTL products to those who don't already own their own homes.

Those that do base lending additionally on the applicant's income to ensure affordability on a residential basis, even if using BTL route.

As betmunch said, there are a couple of lenders which will consider lending to non-homeowners but you will first need to discuss your overall circumstances with a broker, to see if you can meet these lenders' criteria.

betmunch

thegentleway wrote: »

Thanks betmunch, who is the provider you can think of?

I don't name lenders on here for fear of it being taken as advice by yourself or future readers of the thread.


If you get in touch with an decent broker they will conduct a full fact find and be in a position to take your application forward, subject to you meeting the rest of the lenders criteria.


Good luck