Our Customers rate us 4.6 out of 5
Professional mortgage advisors for first time landlords.
Start your journey as a landlord the right way. With the help of our expert Buy to Let mortgage advisors, your first rental property is within reach.
Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.
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When The Bank Says No is working closely with leading providers...
Useful links to begin your Mortgage Journey
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Bridging Finance Brokers
When you need to bridge a gap in your finances, we are there to find suitable finance options for you.
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Bad Credit Mortgages
When your credit record isn’t the best and you’re struggling to find a lender, we can step in so you don’t miss out on your dream home.
Buy-To-Let
Need help navigating buy-to-let mortgages? With our help we’ll make it easier than you think, even if you have bad credit.
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Remortgaging
Remortgaging doesn’t have to be tricky, whether you are looking to remortgage to consolidate debt, buy another property or finance home improvements.
Finding The Best First Time Landlord Mortgage Deal For Your Circumstances
Those looking to purchase their first investment property might feel a little overwhelmed by the process. As a first time landlord, there’s a lot to get your head around from tax implications to insurance to the nature of your new responsibilities. Finding the right mortgage is another complication to add to the mix – but luckily, you’re not alone. Our team of specialist Buy to Let mortgage advisors are here to guide you through the process. We understand this is your first time pursuing a Buy to Let property purchase, and will provide you with all the insights and information you need to succeed.
What is the difference between a normal mortgage and a Buy to Let mortgage?
A Buy to Let mortgage allows you to let your property on a 6 or 12 month assured shorthold tenancy agreement (AST). A residential mortgage, on the other hand, wouldn’t normally allow this unless you sought specific consent to do so.
A lot of Buy to Let mortgages are interest only, meaning your monthly mortgage payments only cover the mortgage interest charges. Buy to Let mortgages can also come with higher interest rates, higher product fees, and larger deposit requirements, but there are good deals out there. Talk to our expert team today and we’ll help you find them!
What are the requirements for Buy to Let mortgages as a first time landlord?
To qualify for a Buy to Let mortgage as a first time buyer landlord, some lenders require minimum earnings of £25,000 per annum. There are often also minimum deposit requirements with most lenders such as a 25% deposit, but deposits of 20% are possible.
Alongside this, mortgage lenders will check your financial history including your credit file and monthly outgoings, and conduct affordability checks. You don’t need to have had residential mortgages already in order to be able to apply for a first-time buyer Buy to Let mortgage.
If you’re concerned about your eligibility as a first time landlord, don’t be! Our friendly team of advisors are here to take away the stress for first time buyers wanting to get into property lets, and ensure you’re set up for Buy to Let mortgage application success.
Get Started with a First Time Landlord Mortgage Broker
Maximise your chance of approval with specialist advice from an expert in First Time Landlord Mortgages
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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!
Check your credit file.
In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.
How much can I borrow as a Buy to Let first time buyer?
There is no definitive answer to this question, as many factors come into play when a lender is determining this figure. The final amount will be linked to the expected rental value of the property, as this usually needs to be around 25-30% more than the monthly mortgage repayments.
You should be able to borrow 75-80% of the property’s value provided it meets the rental stress tests set by the lender, and you reach their other lending criteria. To gain an idea of what you can afford, do some research in the area you want to buy in or contact a local estate agent to understand the rental income similar properties are fetching.
If you are looking to secure a Buy to Let mortgage as a first-time buyer with bad credit, this may still be possible, but your options will be somewhat limited. Much will depend on the type of bad credit and how long ago this occurred. With our access to a range of specialist lenders we may be able to help you secure finance for a buy to let residential property for the first time, even if your credit record isn’t the best.
How much deposit will I need for my first Buy to Let mortgage?
Again, the deposit you need to satisfy a mortgage lender will be highly dependant on your specific circumstances, so it’s hard to give a general answer. For Buy to Let mortgages, minimum deposit requirements are usually 25% though a higher deposit will usually secure you a better deal.
If you don’t have a deposit of this size, the number of mortgage options open to you will decrease, but there are Buy to Let mortgages out there only requiring a 20% deposit. The best thing to do if you’re concerned about your deposit is to speak to one of our advisors today. We can take into account the deposit you have, your current circumstances, and the property’s rental potential and guide you towards the right first time landlord mortgage deal.
Turning Your Nightmares Into Dreams
When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.
First time landlords FAQs
Should I use my limited company to purchase my first Buy to Let?
This method of mortgage lending is not mainstream, meaning many high street banks won’t offer you any products. Our in-house mortgage experts, however, are perfectly positioned to find you a limited company Buy to Let mortgage from our network of specialist lenders.
If you think you want to go down this route, it’s worth speaking to a property tax advisor first, as they can help you determine whether a Ltd company Buy to Let really is more suitable than a personal named Buy to Let. Find out more about limited company mortgages here.
What insurance do I need as a first time landlord?
What are my responsibilities as a landlord?
Expert mortgage advice & support for first time landlords.
When the Bank Says No has helped first time buyer landlords all over the country secure mortgage finance for rental properties. New landlords have plenty of information to get their heads around, and mortgages shouldn’t add to the stress.
When you work with our friendly mortgage advisors, you can rest easy that you’ll be applying for the most suitable deal on the market for you, with a lender who understands your personal circumstances. If it’s time to kickstart your future plans with a Buy to Let property, our specialist advisors are ready to act.
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
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