First time buyer. Buy to let

ashp_2

Hi,

My partner and I have been saving for a deposit. We are currently saving 1200 a month. We will be buying as investments as we live in company property and will do to retirement (hopefully!).

I assume we will not be able to use help to buy etc as we won't be living in the property? We will have a 25% deposit and both have very good credit history.

I struggle to find out much online about first time buyers going for buy to let and just wondered if anyone had any experiences trying to get a mortgage of this type for the first time.

We will be using a mortgage advisor but any info/advice appreciated!

kingstreet

No. You cannot use HTB.

Yes, you can buy a BTL as a FTB as long as you have 25% deposit and your personal income will prove affordability as if this was a residential purchase.

ACG

It can be done, there may even be residential options with one lender.
Chances are you probably will need a broker though as most first time buyer buy to lets are not through high street lenders.

What information are you after?

HappyMJ

ashp wrote: »

Hi,

My partner and I have been saving for a deposit. We are currently saving 1200 a month. We will be buying as investments as we live in company property and will do to retirement (hopefully!).

I assume we will not be able to use help to buy etc as we won't be living in the property? We will have a 25% deposit and both have very good credit history.

I struggle to find out much online about first time buyers going for buy to let and just wondered if anyone had any experiences trying to get a mortgage of this type for the first time.

We will be using a mortgage advisor but any info/advice appreciated!

Do you really want to get into property?

It is a risky investment and you get little return. Your cashflow may even be negative.

Why not use your 25% deposit and invest it in cash deposits. You can also get returns on your £1,200 a month of up to 6% in regular saver accounts (HSBC, M&S and First Direct) and your capital is 100% safe. Open an account each and you'll have more than enough for your £1,200.