First time buyer OR Buy to Let Mortgage ??

AceT

Hi,

I'm purchasing my first new build flat which is due for completion middle of next year. I'm currently renting with parents so not a home owner.

I'm intending on this being an investment and renting the flat out.

Can I get a First time buyer mortgage or do I have to get a buy to let mortgage ?

I've already paid a 20% deposit and will be aiming to have funded at least 50% of the total value.

Cheers.

ACG

You will need a Buy to Let Mortgage.

Be careful with your application however, not many BTL lenders will lend to first time buyers. There is no reason for it to cost you any more than a home owner BTL, but you just have less options.

AceT

Why would it be difficult to get a BTL mortgage ? If I didn't then what can I do ??

I have a good balance sheet and credit score so keen to understand more.

dimbo61

You do not own a residential property !
Your first property will be a BTL property so you are setting up a business.
Have you got a business plan ?
Do you know about your responsibilities as a landlord ?
Tax implications etc
Lots of reading to do

ACG

AceT wrote: »

Why would it be difficult to get a BTL mortgage ? If I didn't then what can I do ??

I have a good balance sheet and credit score so keen to understand more.

I answered that question in my post:

Be careful with your application however, not many BTL lenders will lend to first time buyers.

You could have a perfect credit score and a 90% deposit and be on a million pound a year, but lenders criteria tends to be black and white and many lenders will ask if you are a first time if so, straight decline.

You should be able to get a BTL Mortgage, but your options will be limited.