Can First Time Buyers Rent Their Property?

First Time Landlords

With the rent set at a rate where it covers the mortgage, it can for some be a double win.

But what if you have never owned property before – can first-time buyers enter the buy to let mortgage market?

The short answer is yes, it is possible for a first-time buyer to get a buy-to-let mortgage.

Can I rent out my first property?

And the answer is no, you can’t. Residential mortgages are for properties that the borrower will live in and call home. Normally, when considering applications from people who already own property, buy-to-let lenders look at just rental income which they expect to cover mortgage repayments by at least 125%.

Can you buy to let as a first time buyer?

Can I buy a buy to let property as a first time buyer? The simple answer is yes, but you may be limited when it comes to getting a mortgage. This is key as a large percentage of lenders need you to own your own residential property (possibly for at least six months) before they will offer you a buy to let mortgage.

How long do you have to live in a house before you can rent it UK?

Lenders don’t have to oblige, and many will require you to have lived there at least six months before granting it, although there are some with no hard rules and make decisions case by case.

Can you rent your help to buy home?

– Can you rent out the property if you bought it with a Help to Buy Equity loan or Help to Buy Shared Ownership loan? No, you’re not supposed to be getting these if you plan on renting. So most likely the same rules as for the Help to Buy ISA apply.