Buy to let/first time buyer question

adam_flanagan14

Hi


I'm finally looking at getting a foot on the property ladder with my partner. We have around £50000 between us for a deposit, however my partner is a student, working part time and I am currently looking to change careers which would involve starting an apprenticeship (and taking a substantial pay cut for a time)


We are both currently living with parents


It seems that even though we have a substantial deposit, to buy a house in our area (south east) will still mean getting a large mortgage and it would be difficult to meet monthly payments once I have changed jobs


With house prices rising and interest rates low we feel we'd be missing out if we didn't buy now. I need to stay in my job to be approved for a mortgage as my current wage is £2100 p/m and could be dropping to as little as £800-900

Our original idea was to buy a house with a buy to let mortgage and rent it out until we are both working full time. However I've been informed you cannot get a BTL mortgage without already having a regular mortgage. Is this true? Another option would be taking out a normal mortgage then trying to get consent to let it out from the lender. Does anybody know how easily this is done?


Any input would be greatly appreciated


Thanks


Adam


p.s. I'm completely new to this site and mortgages in general so apologies if I've got bits wrong or my questions don't make sense!

theartfullodger

You can get a B2L mortgage without a normal residential mortgage (I've got one but no residential..) but you usually need to pass the usual boring criteria - eg £25k pa evidence with payslips, P60s, income tax returns, evidence of what the place will rent for with 125% cover of rent over mortgage etc etc..

Talk to some B2L mortgage brokers.. eg
http://www.rlamortgages.co.uk/

However, before even thinking about it read a book on being a landlord or go on a course: You can lose money as well as make it as a landlord!