How to Get a First Time Buyer Buy to Let Mortgage

Posted June 22, 2022 by lyrasweet62

You still do not own any property, but do you want to get a buy to let mortgage and become a landlord?

Well, it is a task that's quite difficult to achieve. Not everyone can become a first time buyer buy to let. You need to meet a lot stricter conditions for this type of loan than for other alternatives.

In this article, you will find all the information you need about the buy to let mortgages. It should give you an idea about the chances you have to make use of this type of loan. You will also find out the reasons for which you should look for mortgage brokers and let them help you accomplish your goals.

Most Lenders Will Not Offer These Types of Loans If You Do Not Own a Property Already

The main reason for which it's very difficult to get a buy to let mortgage as a first buyer is a fact that the vast majority of lenders have the requirement of you already owning a property. And it can be quite difficult to find the low number of lenders that are willing to provide these types of loans without this condition.

But being a difficult task does not mean it is impossible. If you find reliable brokers, then you will be able to find the lenders that would be willing to provide you with buy to let mortgages. Of course, instead of the condition of owning a property, they have other requirements that you will need to meet.

But before that, you should know all the benefits that you can expect to get from a collaboration with mortgage brokers. It is essential that you know beforehand all the advantages you can get and try to make use of them as much as possible. The more you know, the higher your chances of achieving your goals and maximizing your benefits.

You Can Look for Mortgage Brokers that Can Find You First Time Buyer buy to Let Mortgages

The first thing you should do is find the brokers that are able to find this type of loan. But you have the best method to find them at the end of the article. For now, you should focus on the advantages that you can get from collaborating with brokers for first time buyer buy to let mortgages:

• As a real estate investor, time will be your most valuable resource. So, delegating some of the tasks to others is an essential skill you must develop. And mortgage brokers are the perfect starting point for this purpose. They will use their own time instead of yours to find all the mortgages that suit your circumstances.
• Besides the saved time, you can also expect a much higher efficiency while working with brokers. Even though you may be able to find a few buy to let mortgages that you can access, your efficiency and effectiveness won't compare with the capabilities, experience, and network of professional brokers.
• While working with brokers, you also have the opportunity to learn more about the financial part of your future investing career. Learning as many types of mortgages that you could access and the best ways to make use of them are only a small part of the information you can get.

Conditions You Need to Meet for First Time Buyer Buy to Let Mortgages

The first condition for first time buyer buy to let mortgages is the deposit. Unlike most other options, you will need to prepare at least 25% of the property's value as a deposit. But sometimes, you need even 40%, especially if you are in a position where you do not yet own any property.

Although many buy to let lenders do not care about your income, and the amount of the loan is calculated based on the potential rent you will get, in your situation, you may find requirements for your income. And in most such cases, you will need to have at least £25,000 pa.

One more thing that you should keep in mind is the interest rate. Under your circumstances, and considering the type of mortgage you want, you need to be prepared to pay higher interest than most other types of mortgages. You can find more details here. So, are you sure you still want the buy to let mortgages instead of other options?

Should You Consider Other Types of Loans Instead of Buy to Let?

You should never limit yourself to a single type of loan. It is a much better idea to learn about all your options and choose the one that will bring the most advantages and benefits. And under your circumstances, there are other options that you should take into consideration. One of them may be a much better option for you.

The first alternative is to go for the first time buyer mortgages. The government offers a great opportunity to first time buyers like you. You can get a mortgage with only a 5% deposit. The government will complete the deposit until 25%, and you can get a mortgage for the rest of the sum. So, you may want to discuss this option with a broker.

You Must Find Reliable Brokers Before You Start Looking for the Mortgages

As a first time buyer buy to let, it is almost mandatory for you to look for reliable brokers. You do not have the experience needed to maximize all your advantages and opportunities. But with the help of a professional broker, you can access them easily. So, you should contact us or make an online enquiry. We are here to help you get the most out of your capabilities and circumstances.

Of course, you should take your time and check our reputation. Ou can also find many reviews that should prove to you that our company is very professional and has both the capabilities and experience you need to succeed in this industry. You can even compare us with other companies, and you'll see that we are the best option for you.
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Issued By lyrasweet62
Country United Kingdom
Categories Business
Tags contact us , first time buyer buy to let
Last Updated June 22, 2022