First Time Landlord Mortgages

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Becoming a Buy To Let landlord isn’t for everyone! However, if you are looking to purchase a buy to let property and become a first time landlord, we specialise in helping first time landlords springboard into the buy to let market. There are many benefits to becoming a Buy to Let (BTL) investor, not least that you are putting your cash into a tangible asset that could prove to be profitable in the long run.
The National Landlords Association (NLA) will provide you with a good understanding of the various responsibilities that will fall on you as a landlord. It would be prudent to familiarise yourself with their list before proceeding.
There are many considerations to be made when thinking about a buy to let such as costs involved, commercial risks and tax. It is important that you seek independent legal advice regarding the changes to your tax. It is also fundamental that you acknowledge the responsibility that comes with being a landlord.
Key features of a Buy To Let Mortgage are:

  • A larger deposit is needed on a buy-to-let mortgage rather than a residential mortgage. Deposits for a buy-to-let mortgage are at least a minimum of 20% but usually 25% of the property value

  • No minimum income requirement

  • Affordability is calculated predominantly based on rental income than personal income

  • Buy To Let mortgages normally incur higher fees

  • The majority of Buy To Let mortgages are interest only repayment basis

Our whole of market Mortgage Advisers will ensure you secure the most cost-effective deal. We’ll talk you through the advantages and disadvantages of arranging a Buy to Let mortgage in a property market that’s been somewhat unpredictable in recent years - and we’ll provide plenty of practical advice to help you get your finances in order so you can turn your dream of becoming a landlord into a reality. Our experienced team can provide you with invaluable guidance on the best lenders and products available to you, in addition to guiding you through the application process and stamp duty costs.