FTB BTL Mortgage - advice please!

AmexReferrals

Hello! As stated, I am a first time buyer looking for a buy to let mortgage. I understand this limits my options but I’m trying to go through brokers and banks directly to see who will offer me a good deal but I was just wondering if anyone had any advice to help speed this along, or to point me in the right direction. I plan on putting down a deposit of over 40%, leaving the mortgage to cover the remaining 60%. Income for the apartment is estimated to be around 5% of the cost of the apartment itself. It is a newbuild too with completion due in Sept. The best I can find right now is 1.8% for 5 years fixed. Is this the best I will be able to get, does anyone know? Thanks in advance! 

[Deleted User]

FTB BTL mortgages tend to be done on affordability of you personally rather than using the rental income to pay the costs.   Do you earn enough to cover the mortgage amount on a normal residential affordability calculation? 

AmexReferrals

Deleted_User said:

FTB BTL mortgages tend to be done on affordability of you personally rather than using the rental income to pay the costs.   Do you earn enough to cover the mortgage amount on a normal residential affordability calculation? 

Yes, fortunately I earn approximately 4 times what the average mortgage repayment would be monthly based on quick searches in the comparison sites. 

lonibra

I was in this position once. Don't try to DIY this as banks are always suspicious of ftb landlords getting interest only BTL mortgages to live in. So your application has to be put together properly and with the right bank.

AmexReferrals

lonibra said:

I was in this position once. Don't try to DIY this as banks are always suspicious of ftb landlords getting interest only BTL mortgages to live in. So your application has to be put together properly and with the right bank.

I’m not looking for an interest only mortgage. I’m looking for a repayment and interest mortgage.