Expert Guidance Every Step of the Way
Your property may be repossessed if you do not keep up repayments on your mortgage.
Mortgage Options for First Time Landlords
First Time Landlords have specific mortgage options tailored to their needs, though these are not part of a government scheme like those for residential first-time buyers. Certain lenders offer mortgages for First Time Landlords, while others don’t.
A significant factor in securing a Buy to Let mortgage is the rental income of the property rather than the borrower’s personal income. Some lenders even waive minimum income requirements, treating Buy to Let as a business investment rather than a residential purchase. This flexibility allows individuals with varied financial backgrounds to enter the property rental market.
FAQ'S
What are the requirements for a First Time Landlord to secure a Buy to Let mortgage?
It’s important to know that not every lender will accept First Time Landlords. Some lenders also prefer applicants to be an owner-occupier, or have a minimum income of perhaps £25,000. So the requirements can vary depending on the customer and the lender.
How much deposit is usually required for a Buy to Let mortgage?
Generally it’s 25% of the value of the property. Some lenders will accept a 20% deposit in certain situations.
The loan is actually determined by the rent that the property will receive. Depending on how much rent will be generated, more than 25% deposit could actually be required. It’s best to speak to an advisor for more information based on a specific property.
Expert Advice and Support for First Time Landlords
Brokers play a vital role in guiding First Time Landlords through the mortgage process, ensuring the best options are tailored to individual goals and financial circumstances. They can assist in finding lenders with favorable terms, advise on tax implications with the help of accountants, and help identify properties that offer strong investment potential. Whether the aim is to build a portfolio or secure a single rental property, brokers bring valuable expertise and resources to simplify the process and maximise success for First Time Landlords.
Vulnerable Customer
We understand that from time to time our clients may find themselves dealing with circumstances which could mean they are potentially vulnerable. For example, a change in health, caring for a family member or coping with the loss of a loved one. There are many different types of vulnerability, and what makes one person vulnerable might not affect someone else. When we are vulnerable, our need for financial advice may change. However, admitting vulnerability or seeking help can sometimes feel hard.
If this is something you would like to discuss with us, please ask for a copy of our support guide or download a copy here. This guide is designed to help explain vulnerability and the ways in which we might be able to support you. If you feel any of the circumstances in the brochure apply to you, please talk to us.
