First-Time
Buy-to-Let Mortgages

A buy-to-let (BTL) mortgage for a first-time buyer is ideal for those who may want to become a landlord before purchasing their own residential property.
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First time buyer guide

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What is a first-time buyer buy-to-let mortgage?

A first-time buyer buy-to-let mortgage is simply a buy-to-let mortgage (a mortgage arrangement designed for people that want to purchase a property with the express intent of renting it out) that’s been taken out by a first-time buyer.

It works in the same way as any other BTL mortgage, although they may come with higher interest rates attached than those offered to more experienced landlords.
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Things to consider

What are the benefits?

One of the main reasons for becoming a BTL landlord is to generate additional income. Regardless of whether you rent out a property with a friend or partner, or live with your parents, having another property that makes you money can be a great incentive to take out a buy-to-let mortgage for a first-time buyer.
If you have plans to purchase and invest in more properties, then gaining experience in this industry as soon as possible is essential. This can help you to get your foot on the property investment ladder and encourage lenders to offer you more attractive mortgage deals in the future.
A key advantage of obtaining a BTL mortgage as a first-time buyer is you have more flexibility with how you repay this loan and can opt for an interest-only arrangement. This means you only pay back the interest in your monthly payments (unlike a standard residential mortgage), making your repayments more affordable. Crucially, however, this won’t reduce your property debt.

What are the risks?

If you want to become a buy-to-let first-time buyer, then you will need to pass the stricter affordability and credit checks carried out by lenders for this type of mortgage. You’ll also have to spend time calculating the costs of becoming a landlord to ensure your investment is worthwhile.
With many first-time buyers now being eligible for buying schemes that allow them to put down a 5% deposit, a minimum buy-to-let deposit of 20% is a big difference. Plus, a lender offering a first-time buyer buy-to-let mortgage deal could request an even bigger deposit of up to 40% due to the applicant’s lack of property management experience.
You won’t be able to access any first-time buyer schemes when purchasing a buy-to-let property. As a result, you won’t be able to benefit from the cost-saving elements of those arrangements.

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Frequently asked questions

While there isn’t a set amount, applicants do need to demonstrate affordability and their employment status. Your mortgage advisor will provide a list of documents required ahead of making an application to your preferred lender.
There is no set amount for this type of deposit.
While it’s possible to obtain a buy-to-let mortgage as a first-time buyer with bad credit, it’s naturally harder given first-time buyers are already subject to extensive affordability and credit checks by lenders. For those with severe bad credit, such as CCJs (county court judgments), IVAs (individual voluntary arrangements), payments arrears, or bankruptcy declarations, you have a high chance of being declined by lenders for this type of mortgage.
As the BTL market works differently to the residential market, first-time buyers that purchase a BTL property and rent it out will not be able to receive any first-time buyer relief (such as stamp duty relief).
No, if you’ve purchased the property using a BTL mortgage, then you won’t be able to live in it, even temporarily, as you would be in breach of your mortgage terms.

More than just a mortgage advisor, we take the time to understand your specific requirements, allowing us to find the best first-time buyer buy-to-let mortgage deals for you on your behalf.
This detailed approach has led to more than 400 positive reviews on Trustindex, so don’t just take our word for it, read the reviews of countless happy customers! You can also request a call back by simply filling in our handy form!

How to apply for a first-time buyer buy-to-let mortgage

01

Pick a suitable property

Purchasing a buy-to-let as a first-time buyer is similar to picking a property for yourself, except that you need to consider your ideal tenant’s needs instead of your own. From the location to the layout, you’ll need to pick a suitable property.

02

Do your sums

You’ll also need to ensure you’ve done your sums and the property is a viable investment if you want to be taken seriously be lenders and generate a significant amount of extra income. Reaching out to a qualified accountant and broker can help with this part of the process.

03

Contact an advisor

Once you’ve found the right property and are confident that it’ll make a good investment, we always recommend contacting an experienced mortgage advisor, like UKMC. Our team can help you to fill out the relevant paperwork and explore all your buy-to-let first-time buyer mortgage options to secure the right deal for you.

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UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. FRN – 826982. Registered in England & Wales: 11614569. As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee, starting from £345, for our advice given. Your dedicated advisor will discuss this further on your free initial phone call.

The guidance and/or advice obtained within our website is subject to the UK Regulatory Regime and is therefore primarily targeted at customers in the UK

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