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If you’re trying to get a buy-to-let mortgage without owning your own home first, you’ve probably been told no from the banks. Maybe you’re working in London but can’t afford to buy there, or you’re constantly travelling for work and renting makes more sense. Perhaps you’ve spotted a great investment opportunity and want to get started in property now.
But when you approach mortgage lenders, they say. “You need to own your own home first,” they say. It doesn’t matter that you’ve got a good deposit saved and steady income – their computer says no because you’re not already a homeowner.
They typically assume all first-time buyers want to buy a home to live in, and their systems simply reject anyone who doesn’t fit this pattern.
We work with specialist lenders who understand that not everyone follows the traditional property ladder. These lenders will consider first-time buyers for buy-to-let mortgages when your circumstances make sense.
These aren’t your typical high street banks with their one-size-fits-all approach. These are lenders who look at your individual situation and understand why buying an investment property first might be the smart choice for you.
We know which lenders will:
•Accept first-time buyers for buy-to-let mortgages
•Consider your circumstances and reasons for investing first
•Look at the rental income potential, not just your homeowner status
•Understand that renting where you live while owning an investment property can make financial sense
•Offer reasonable rates despite you not owning your own home
We can explain your situation properly to these lenders – whether you’re priced out of your local area, working away from home, or simply see property investment as your priority right now.
That’s actually quite common. Many first-time buyer landlords live with family while building their property portfolio. As long as you have stable accommodation and aren’t at risk of homelessness, most specialist lenders are fine with this.
As a first-time buyer going straight to buy-to-let, you’ll usually need at least 20-35% deposit. Some specialist lenders might ask for 40%. The larger your deposit, the more options you’ll have and the better rates you can access.
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