april1967:

Hi David,

There are mortgage lenders that would be open to lending on this type of proposition,........

Unfortunately BigMatt is right in that nearly all lenders for buy to let (if not all lenders) will not allow first time buyers to purchase as a landlord.

While the remainder of the criteria that April1967 listed is correct it is extremely unlikely that you will get a lender who will allow you to buy a property for rental purposes alone

Hi David,

There are mortgage lenders that would be open to lending on this type of proposition, subject to among other things, the rental value of the property and the amount of deposit you would be able to provide. Usually a minumum deposit would be 25%.

In short - yes you will need a buy to let mortgage - especially if you are thinking about letting out to students. You will also need to let your broker know you are potentially letting to students.

As a FTB you may also struggle to get a BTL mortgage and some lenders require an income of around £25,000 from your job, and a hefty deposit so I would definitely speak to an independent broker.

Hello everyone,

I've just had an offer accepted on a property after a search of over a year!

The property is in a good location and is especially popular with students. Properties in the street attract monthly rents of around £1400pm.

As a first time buyer I'm currently living in rented accommodation and I'm lucky enough to be very happy here and paying a very low rent (~£250 pm).

I'm pretty sure that once I've tidied the house up a bit, I'd like to offer the house for rental initially, especially as my girlfriend and I have thoughts of going travelling in a year or so's time.

Ideally I'd like to keep my options as open as possible. Will this inform my choice of mortgages?

Many thanks for any advice,

David