Professional mortgage advisors for first time landlords.

First time landlord mortgages

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.

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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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 going through the Buy to Let purchase process, 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 repayments only cover the 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, some lenders require minimum earnings of £25,000 per annum. There are often also minimum deposit requirements such as 25%, but deposits of 20% are possible. Alongside this, lenders will check your financial history including your credit file and monthly outgoings, and conduct affordability checks. If you’re concerned about your eligibility for a Buy to Let mortgage, don’t be! Our friendly team of advisors are here to take away the stress, and ensure you’re set up for application success.

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Maximise your chance of approval with specialist advice from an expert in First Time Landlord Mortgages

How much can I borrow on my first Buy to Let mortgage?

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 prices similar properties are fetching.

What deposit will I need for my first Buy to Let mortgage?

Again, the deposit you need will be hugely 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%. If you don’t have a deposit of this size, the number of options open to you will decrease, but there are Buy to Let mortgages out there only requiring 20%. 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 and your current circumstances and guide you towards the right deal.

First time landlords FAQs.

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.

Building insurance is important for landlords as it will help to protect your property and investment from the unforeseen. However, your tenant will normally be responsible for contents insurance. You might also want to look into specialist landlord policies that cover boilers, plumbing and electrical services. If you’re struggling to get to grips with the cover you need and would like some support, our experienced Buy to Let mortgage brokers can help.

Becoming a landlord for the first time is exciting, but there are certain responsibilities, safety checks and standards you will need to uphold. These include ensuring the exterior and structure is in good condition, checking that heating, hot water systems, basins and sanitaryware are all fully functional, as well as Landlord Gas Safety and electrical testing (EICR Certificate). To find out what the most up to date regulations are for your area, visit your local council’s website.

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First Time Landlord Mortgage Calculator

Expert mortgage advice & support for first time landlords.

When the Bank Says No has helped landlords all over the country secure a rental property for the first time. 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 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 circumstances. If it’s time to kickstart your future plans, our specialist advisors are ready to act.

Helping you start the right way.

For first time landlords, the world of Buy to Let mortgages can seem very new. You may have a residential mortgage already, and assumed the process would be the same. Whilst Buy to Let mortgages can have stricter requirements, they’re simpler than you think. With our team on your side, you can forget the worry and jump into your new landlord lifestyle with all the confidence and assurance you need.

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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!

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In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.