Q&A

Answer a question


15 January 2012

Buy to Let, First Time Buyer, what's the best way?

Ok guys I'm looking for advice on an investment which I am very passionate about doing. I am currently 23 years old and living with my parents. I don't intend to move into my own property for a few years yet so thought it would be worth investing my savings on a buy to let. I currently have two jobs, a full time job (through an agency) and a part time job. Between the two I am earning approximately 22k pa before tax. I am looking to buy a 1 or 2 bedroom flat for between 40k and 60k, which in my area would be worth anywhere between about £350 to £500 in rent pcm. I would be looking to mangage this property through an letting agency. So, to the point... Is it possible for first time buyers to obtain a buy to let mortgage, and if so, what kind of deposit percentage would be required. I have heard that it is not possible for first time buyers to obtain a buy to let mortgage full stop. If this is the case, I've heard another possibility is to obtain a residential mortgage (paying for the mortgage myself) and then after a number of months applying for "permission to let" or converting to a buy to let mortgage. I have absolutely no intention of letting the property illegally on a residential mortgage. Thanks in advance to anyone who can answer my questions. Kind Regards, John.

  • REPORT This comment has been reported.

1 Answers

Answers

Be the first to answer

Do you want to answer this question? You need to be signed in for this feature

Answer a question

Be the first to ask a question

  • {{ question.title }}

    {{ question.authorName }} On

    {{ question.answerCount }} Answers

Copyright © lovemoney.com All rights reserved.

 

loveMONEY.com is a company registered in England & Wales (Company Number: 7406028) with its registered address at First Floor Ridgeland House, 15 Carfax, Horsham, West Sussex, RH12 1DY, United Kingdom.


Our company maintains relationships with various affiliates and lenders, which we may promote within our editorial content in emails and on featured partner pages through affiliate links. Please note, that we may receive commission payments from some of the product and service providers featured on our website. In line with Consumer Duty regulations, we assess our partners to ensure they offer fair value, are transparent, and cater to the needs of all customers, including vulnerable groups. We continuously review our practices to ensure compliance with these standards.


While we make every effort to ensure the accuracy and currency of our editorial content, users should independently verify information with their chosen product or service provider. This can be done by reviewing the product landing page information and the terms and conditions associated with the product. If you are uncertain whether a product is suitable, we strongly recommend seeking advice from a regulated independent financial advisor before applying for the products.