by Sam Fox
CAN first-time buyers buy to let? Good question! So, you’re a First Time Buyer hoping to get onto the property ladder with the purpose of letting that property out. Not to worry, this may be possible!
A lender could assess an application in a slightly different way than a normal buy to let will. They might ask to see proof of your personal income, and they can base it around you as if you were going to buy the house. But there are lenders out there that do have products for first time buyers/landlords who want to use their lockdown savings and invest it in property!
Another commonly asked question we get is ‘Can I get a mortgage with bad credit?’
How do you define bad credit? We see it as we’ve all had credit issues in the past where we could’ve missed a small credit card payment here and there, however bad credit can also be the following:
· Defaults
· CCJs
· IVAs
· Debt relief orders
· A severe amount of mis-payments
There are specific lenders In the UK that are designed for these sorts of things to help you recover your credit file and get you on the property ladder, so don’t lose hope!
Whatever your situation is, it’s worth having a good route through your credit file before you make an application and seeking mortgage advice from a company like ourselves.
Are you mortgage-ready? Here at Warrington Mortgage Centre, we always enjoy working with First Time Buyers and have plenty of experience helping them prepare for their first property.
We’re also here for a chat or if you need any more information on the above FAQs! Contact us via [email protected] or find out more on our website: https://www.warringtonmortgagecentre.co.uk/first-time-buyer-mortgages/
*Disclaimer: As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
