What is the process for a Buy-to-Let First-Time Buyer mortgage?
We can’t pretend the process will be as smooth as if you were applying for a standard residential mortgage. Lenders will be far more cautious in their assessment of your capacity to become a landlord. However, there are lenders who will consider offering a Buy-to-Let First-Time Buyer mortgage.
Most lenders want applicants to have previously owned a residential property. The problem is not necessarily a lack of trust – it’s just that you will be an unknown entity. So, many lenders simply do not want to be the first to say yes to you.
Mainstream lenders use stricter criteria, making it even more difficult to get accepted for some people. However, there are also many specialist lenders out there who take a far broader approach. They will look at all aspects of your income, assets, and financial plan as well. To approach them, you’ll likely need to work with a specialist mortgage broker, as they aren’t always easily accessed.