First Time Buyer Advice

joesanders95

Exodi wrote: »

I think people were more implying you should consider renting the property out rather than assuming you were planning on it.

Let's not forget this is a money saving forum and getting a mortgage on a house you intend to leave empty the vast majority of the time isn't the most 'lucrative' of choices.

Since you've hinted at it - no-one on this forum will encourage mortgage fraud. It will be asked as part of the application if you will be resident - you will be unable to dodge this question by saying you are working from your laptop and earth being your home.

Why are you against buy to let? If this is for investment purposes then why buy a house at all?

Thanks - I wasn't looking at buy to let for a couple of reasons. Mainly because more deposit is required (and I want to get on the ladder tomorrow!) but also because I've been told lenders generally will not lend to first time buyers on a buy to let mortgage? Or have I been misinformed?

Thanks,
Joe

davidmcn

joesanders95 wrote: »

Thanks - I wasn't looking at buy to let for a couple of reasons. Mainly because more deposit is required (and I want to get on the ladder tomorrow!) but also because I've been told lenders generally will not lend to first time buyers on a buy to let mortgage? Or have I been misinformed?

That's true, but it's not likely to be any easier to get a mortgage for a property which isn't actually being lived in by either you or a tenant. The least risk to the lender is the property which you actually live in (as borrowers want to avoid being made homeless, but are less bothered about properties they don't live in).