Your first buy to let
Taking the Plunge: Your First Buy-to-Let Property
The idea of owning a buy-to-let property can be very appealing. Regular rental income, a growing asset, and potential capital appreciation – it all sounds very promising. However, before you dive headfirst, it’s crucial to understand the process, the risks, and the ongoing responsibilities involved. Here’s a breakdown to help you navigate your first buy-to-let journey:
Check out our brief video below ⬇️
Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.
Buying your first buy-to-let property and becoming a landlord is both exciting and nerve-racking. From the initial conversation, where you will understand your budget and what properties you can afford to buy, to your mortgage rate options, the legal process, the surveyors process, and everything else you need when buying your very own buy-to-let property; your mortgage broker will be there for you every step of the way to assist.
Buying your first buy to let property is becoming an ever-increasing challenge as with the recent tax changes on how rental income is taxed and the additional 3% stamp duty careful planning is needed to ensure you’re all set up correctly. Indeed a large proportion of mortgage lenders now don’t accept applications from first-time landlords so even getting the mortgage for a buy to let first time around has gotten tougher.
Check out whether you want to be considering purchasing the property in your ➡️ personal name or a ltd company.
You could also become what is called an “accidental landlord” i.e. you’re looking to move from your current main residences, rent that out and go on to buy a new home to live in; whilst still retaining ownership of your previous home and renting it out.
This is called a ➡️ let to buy mortgage, check out more here
Introducing Your First Buy to Let: a comprehensive guide to help you navigate the world of property investment. Discover the best buy-to-let mortgage rates available in the market today. Whether you’re a seasoned investor or new to the game, this resource will provide valuable insights to ensure your success.
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The first thing to do is start speaking to a mortgage broker to understand your options.
Most importantly they will help manage the whole process for you and will actively engage with all the other parties in the process, like the estate agents, solicitors, surveyors, and of course the mortgage lender you proceed with to ensure everything is progressing in the right direction.
Buy-to-let lenders will lend you typically up to 75% (Some go up to 80%) loan to value. This will be based on the rental income that the property is likely to achieve, as confirmed by the surveyor the bank will send around once your application is submitted.
It is important therefore to get a good idea realistically in its current condition what the property would rent out for. This is an important point as if you feel the property needs fairly significant works you either may need to put a bigger deposit down or consider a ➡️ refurbishment buy to let mortgage
Once you have that realistic market rent figure speak to your mortgage broker to go through the options available to you.
Every lender has their own buy to let affordability and stress test calculations and therefore it’s important to get advice in this area so speak to a mortgage broker.
Being a first-time buy-to-let buyer does mean you need to do some extra preparation to ensure you’re successful at the mortgage application stage so that you are able to buy the property that you wish.
Why choose us
✅ WE’RE EXPERTS IN THE FIELD
Our team of brokers are specialists with helping our buy to let clients obtain the most suitable mortgage rate and terms whilst also navigating the different requirements and often compliance underwriting that lenders put on buy to let applicants.
✅ WE CAN FIND GREAT DEALS AT SPEED
Access to over 70+ lenders so you will get the most suitable rates and terms available with many of these lenders not available on the high street as they’re exclusive to brokers.
✅ RELATIONSHIP
Real relationships with the lenders so we can get your application pre-approved if your situation isn’t straightforward. Plus your mortgage broker is there to answer all the questions you may have.
✅ RAPID SOLUTIONS
We’re quick, on our first call we will quickly establish your options and let you know the next steps so we can arrange everything promptly for you. If you prefer to speak face to face we can also arrange a video call.
