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Buy To Let For First Time Buyer

Buy To Let For First Time Buyer

Everything you need to know about getting a Buy to Let for a First Time Buyer

Getting A Buy To Let For First Time Buyer

If you have never owned a rental property getting your first is a big step. Before you take the leap it’s important to consider the implications of what you are going to do. Most importantly do you want to be a Landlord?

The next thing is to speak to a mortgage advisor. They will therefore be able to go through the affordability with you and what your next steps will be.

You will likely have less options than an experienced Landlord in terms of which Lenders will consider you.

Purchasing Your First Buy To Let for First time buyer

Here’s our top tips for Purchasing your first Buy to Let:

Get the right property. 

The type of property you get will largely determine the type of tenant you get. Do you want Student Tenants, Families, professionals etc. Each has their own quirks and limitations. Families may want a bigger outside and communal area. Students may want less and to likely pay less.

Where do you want to purchase? 

The house round the corner looks great however is the property next door the right answer? You could keep an eye on it, but likewise the Tenants would be on top of you as well. You may also get a better rent for your purchase price further away from home, but at a distance how do you manage the property? All things to consider.


You may not be accustomed to how a Buy to Let for First time buyer deposit works. You need more than you would usually for a Residential property. Most lenders want 25% deposit for a first timer buyer of a Buy To Let.

Are you letting the property Furnished or Unfurnished? 

This will largely depend on the type of tenant you are looking for. A student will likely want a furnished property whereas a Family would usually have their own furniture.

Who will manage the property? 

Can you do it yourself? But do you want to? There are letting agents that will do this for you at a price, however is that price worth it to you. It will save you a lot of time. However a lot of first time buyer Landlords manage the first one themselves to get a feel for being a Landlord and to reduce costs.

Don’t get left out of pocket

It’s a hard one to 100% certainly avoid. However finding your tenants through a Letting agent, and having them vet them for you may be a strong advantage. We would also recommend you meet the potential tenant face to face if possible, to get a feel for them yourself.

Check the rules!

Being a landlord is far from simple, you need insurance and protection for the tenants, read up on the rules and regulations before embarking down the path of your first property.

It’s not personal

Being a landlord is a business, remember that. You may therefore need to make some tough decisions at some point. However treating your tenants well will keep them with you, finding a good Landlord can be tough and if they like you they are more likely to stay on top of the property and be good tenants.

Get paid! 

Make sure you collect your rent on time, or check its in your account. Give an inch, take a mile will apply to this one. Remember this is a business.

Stamp duty on a Buy to let for First Time Buyer

How much Stamp Duty will you have to pay? Check this thoroughly before you put in an offer. Usually buy to let properties carry an extra stamp duty payment. You can check this all on the government website. 

Can I Buy A Buy To Let For A First Time Buyer?

Absolutely! You have a few options with different Lenders depending on your situation. As a First time buyer and potential Landlord they will probably assess your income as well. Usually a Buy to Let purchase is based on the rental income of the property.

How Do I Buy My First Buy To Let?

You’ll need a deposit. Likely 25% of the purchase price. Get a mortgage in principle from a mortgage advisor or your Bank. However a mortgage advisor would be better as they will likely have access to more Lenders and your Bank may not be a fan of First time Landlords. 

Do First Time Buyers Pay Stamp Duty Buy To Let?

Yes they most likely do. You will likely own your own residential property and therefore have to pay extra on a second property. Generally on a second property you will pay an extra 3% on top of whatever you pay as standard.

What Income Do I Need For A Buy To Let Mortgage?

In general they will be assessing whether the rent covers the mortgage payment. They’ll want to see a bit of excess too. For a first time landlord they may also want to see you have a minimum income available to pay the mortgage if you don’t have a tenant for a period of time or they don’t pay their rent.

Do You Need Proof Of Income For a Buy To Let Mortgage?

As we mentioned above, potentially for a Buy to Let for First time buyer as they will want to make sure you can cover the rent if your tenant doesn’t pay.

Can I Get A Buy To Let Mortgage With Poor Credit?

Yes quite often you can. Depending on the type of Bad Credit. It’s important to remember with a Buy to Let most of the affordability comes from the rental side of the property. For a Buy to let for First time buyer this may further limit your already limited options. However you should still have options.

Should I Get Buy To Let For First Time Buyers Advice?

Absolutely. This is a business, you want to make sure you are getting the right mortgage. A lot of Mortgage advisors will give you an initial consultation for free and you can see the worth for yourself.

Buy To Let Scheme For First Time Buyers

There are lenders that are preferable for a Buy to let for First time buyer. However there are not any particular Schemes as such.

Who Does Buy To Let Mortgages For First Time Buyers?

Most lenders will do some sort of Buy to Let for a First Time buyer. However some have a separate company to lend on rental properties rather than doing it with their main company. Depending on what you are looking to do and whether you want a Limited Company buy to let or a Buy to let in your own name.

What is a Regulated or Family Buy to Let?

Most Buy to Let mortgages are unregulated. This means that they are not regulated by the Financial Conduct Authority. The exception to this is if you are renting to a family member. We call this a Regulated buy to let. There are other reasons why you would have a regulated buy to let, but that is the most common one.

What is a limited Company Buy To Let?

A limited company Buy to let is a type of rental property that is not owned in your own name. It is instead owned by a limited company that you are a Director of. The usual reason for this is Tax efficiency, so you would need to speak to a Tax specialist to see if it is the right option for you. This is an incredibly common way of purchasing a Buy to let property at the moment.

Got a question we haven’t answered? Try our main Buy to Let Mortgage Broker page. Still nothing? Get in touch!

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