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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...

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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.

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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.

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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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Let's get the ball rolling.

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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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

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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.

Building insurance is important for landlords as it will help to protect rental properties and investment from unforeseen circumstances. However, your tenant will normally be responsible for contents insurance.

You might also want to look into specialist landlord insurance 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.

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.

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