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I’m a first-time buyer: can I get a buy-to-let mortgage?

Updated: Feb 12, 2021

The simple answer is yes – but with caveats. It’s a good idea to speak to a broker to see what’s the best thing for you to do.

Many lenders will need you to own your own residential property (normally for at least six months) before they’ll offer you a buy-to-let mortgage.

If you’re a complete first-time buyer, and you want to go straight into buy-to-let, your options will be extremely limited. You’ll also lose your stamp duty exemption, which only applies if you’re buying your first residential property.

If you do get the thumbs-up from a lender, do your homework before taking on your first tenants. Renting can be profitable, but there are costs too. Like maintenance, landlord’s insurance and letting agent fees (think 15–20% of the rent you charge tenants). And there’s no guarantee your property won’t be empty for a few months.

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