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first time buy to let advice

The property market is improving at a fast pace. The introduction of new government incentives, better mortgage lending and rising house prices all help indicate there has never been a better time to invest in a buy to let property.

know your options

Lenders won’t often lend to first-time buyers on a buy to let basis because they see this as a riskier option. They view the mortgage as a higher risk than those experienced landlords, as they may well be able to ask for a high deposit (usually a minimum of 25%) or a higher ratio of rental income to mortgage payments. These higher deposits could mean that single-handedly you may not be able to afford a buy to let mortgage, but there are other options available, you could purchase the property with a parent or partner or potentially take out a guarantor mortgage. We recommend that if you are looking to take out a buy to let mortgage for the first time, you speak to your mortgage advisor on the best options for you.

make sure you’re financially prepared

Most lenders will ask for a minimum 25% deposit for any buy to let mortgage, the fees such as arrangement fees and product fees that come on top of that also need to be considered. It is also important to not always assume the property will be let, you must ensure you always have a backup way to pay the mortgage if you don’t have a tenant. Rental properties also come with various taxes and other maintenance expenses that you as the landlord are expected to pay throughout the year. Gas and boiler checks must be done regularly to ensure everything is up to a specified standard for your tenant, and these, at times, can be costly. Take a look at the Which? Mortgage Advisers page for more information.

potential buy to let properties

If you are interested in buying an Anwyl home to let, please contact our homes advisor.