May, 2017


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  1. #1

    Question Buy to Let for First time buyer?

    Hi Everyone.
    I own a house, but having inherited it, have never had a mortgage on it or indeed any other property. Now I want to invest in property, and buy a house with the view to letting it out. However I see that most of the mortgage lenders insist on you having had a mortgage before you get a buy to let mortgage. Does anyone else have experience of this and if so, how did you get around it?
    I have enough money saved that I would only need 70-75% mortgage.

  2. #2
    Join Date
    Aug 2008


    If you have had a mortgage before, the mortgage lender can check your monthly re-payment record as they don't want to lend to any person who is proven to be an "unreliable payer". It may help you if you have bank statements to show you are a good consistent saver.

    Even if you can raise the 25% -30% initial deposit, you still need to keep some savings in reserve in case (1) your tenant stops paying you - such that you can still meet your monthly mortgage re-payments (2) rental demand in your neighbourhood is poor and taking a long time to find tenant.

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