More standard but always a great way to start any portfolio aspirations off, whether these be big or small!
For a standard Buy to Let property, if you already own your home for 6 months then that is typically the criteria lenders would want to see when compared to non-First Time Landlords.
So baring that, the criteria for First Time Landlord’s and non-First Time Landlords remains broadly similar.
25% deposit is still very much deemed the standard amount which gets you a reasonable deal in line with current market conditions.
That said smaller deposits can be catered for and if you wish to put down more, (perhaps 40% to 50%), lower cost rates can be available.
Not necessarily. Most lenders like to see clients put down their own funds however, should your deposit be coming via a family gift or even perhaps a loan, there are options available.
Potentially 85% LTV although as you can appreciate the rates and terms to become less and less attractive at the higher LTV levels.
Rates and terms will most likely be higher if you have no UK credit profile but that certainly doesn’t mean lending can’t be sought.
Yes is the simple answer and certainly perhaps more options are available than it may initially seem.
There are few extra underwriting checks which ‘First Time Buyers, First Time Landlords’ would have but we can go through these before anything is submitted to put you’re the application in the best standing to get the right outcome.
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Lenders are pretty flexible around capital raising and what the funds will be used for. As you can appreciate as long as it is for a legal purpose, in most cases finance can be sought.
Appreciate a lot of the content here is focused perhaps around the ‘bigger’ project or properties but certainly still get the same excitement, energy and buzz for the standard Buy to Let property.
Discussing Mortgages and interest rates may not be everyone’s idea of fun but very proud to say I love what I do! So lets’ have a chat and see what we can put in place.
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The FCA do not regulate some forms of Business Buy to Let Mortgages and Commercial Mortgages to Ltd Companies.
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