First time buyers / buy to let

[sophie_e_down]

Not sure if anyone can help.

Can you get a buy to let mortgage as a first time buyer?

[uncleglen]

you will be classified as a landlord -this happened to my relative who is a first time buyer and has a buy to let mortgage

[sophie_e_down]

We are looking at the Springboard Family mortgages and am thinking maybe we wouldn't be eligible if we were trying to rent the place and never intend to live in it?

[Loz]

Talk to a good broker. There's no real reason a FTB can't get a BTL, but they would be able to guide you. If you want, PM me and I can send to the details of the guy I used.

[Jeremy]

You will need a buy-to-let mortgage - which usually involves a fairly large deposit. The fact that you don't already own a property will probably not make any difference.

Would also add that it might be quite hard to make a rental property in London pay for itself if you need to take out a large mortgage on it. Especially after the tax relief on interest repayments change.

[Loz]

Jeremy is correct - you will need at least a 25%-30% deposit and be able to show the rental is at least 125% of the mortgage payments.