Buy to Let mortgage advice

stepheng1981

Hi. I currently have a flat which has sat empty for over a year up in Nottingham. I'm now based in London and I'm renting down here as it's too expensive to buy.

I want to put my Nottingham flat on a buy-to-let mortgage, rent it out, rather than it being sat empty.

Does anyone know if I can have a buy-to-let mortgage as my only mortgage/property? And if so where they're available? Everyone I've spoken to so far says I need a mortgage on another property to proceed.

glosoli

There are options available if you are a first time landlord.

If the property was your previous residence and/or you inherited the property, and if you have not got landlord experience, then it's likely you would be looking at a Consumer Buy to Let application. The main difference between a Consumer buy to let application and a regular Buy to Let application is that a mortgage advisor has to provide you with advice, and through income/expenditure checks more akin to that of a residential mortgage application.

Would consent to let be an option for you to "test" the waters of being a landlord? Or, rather than having the hassle of being a landlord, have you considered just selling the property?

stepheng1981

Thanks for the reply - Yes, I was originally going to sell, but the property is extremely rentable - I'm going to go with an agent where I have nothing to do with the running of the property. Also, I don't want to be off the ladder, like having the knowledge I still have the property up there, especially when I'm not going to buy down here.

I just wanted to know if it's possible to have a buy to let mortgage as my only mortgage.