If you’re wondering ‘can a first time buyer apply for a buy to let mortgage?’ then the straightforward answer is yes. Anyone who has not taken out a buy to let mortgage before or owned a property will be considered by some mortgage lenders. However, lenders available are more limited and we recommend asking for professional advice so that you have all the options when it comes to the best first time buyer mortgages for landlords.
In order to secure the mortgage that is right for you, it is important to assess the affordability of your plans. This will include a review of the financial implications of your buy to let purchase. Do you have a deposit to put down? Do you know if the area in which you want to buy a property has a stable rental market? And do you have a contingency plan if unexpected costs arise?
Most mortgage lenders will assess your application based on the level of risk. So before you go through the process of applying, it’s sensible to carry out thorough research into the property, area and your own personal accounts. You can then select the best first time buyer mortgages for your own circumstances. The application process will involve a review of your income, the estimated rental value of the home as well as the fees and expenses that come with running a rented property.
When you review the affordability of a buy to let mortgage for first time buyers, we also recommend considering your long term plans. Any mortgage or home loan can have an impact on future borrowing. If you’re planning to buy a home of your own to live in further down the line, it’s important to consider the impact your rental property will have on your cash flow and any deposit you may need.
For an informal discussion about a property purchase or for help finding the best first time buyer mortgages for landlords, Private Wealth Mortgages can help. Our experienced mortgage advisors have the knowledge you need for an organised, successful mortgage application. For more information contact us on 01403 270006 or click here.
Click on the relevant links below to read more information:
Tips on buy to let mortgages for first tiem buyers