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First Time Buy to Let Landlords 

Should I Become a Landlord?

There are many benefits that come from property rental, however, whether or not you choose to become a landlord will depend on your own personal circumstances. Of course, as with any opportunity, it’s a good idea to balance the benefits with potential risks, which will help you to make a more informed decision.

Here are some of the main factors to consider in terms of benefits and risks of becoming a landlord:


  • The rental yield potential can provide a reliable source of additional income
  • The long term nature of property investment can offer stability, particularly for future financial planning
  • It’s possible that you receive certain tax relief when you complete your tax returns, particularly if you are a basic rate taxpayer as an individual or own a limited company


  • There is a potential for the property to sit vacant, although the rental market is currently strong, researching areas and demand can mitigate some of this risk
  • There are significant set up costs to consider, from renovation to adhering to legal safety requirements and advertising the property to let
  • The role of landlord can be time consuming, especially if you don’t enlist the help of property management agents
  • There is always potential that a market crash could mean that you don’t recoup your investment from the property upon sale
  • If you have an interest only Buy to Let mortgage, you need to consider how you will repay the capital at the end of the mortgage term

Can I get a Buy to Let Mortgage?

The criteria for obtaining a Buy to Let mortgage varies between lenders, although most will prefer that you own a residential property of your own, prior to becoming a landlord. If you have prior landlord experience, however, this may be overlooked in some cases.

Some lenders will have a minimum income requirement and/or a minimum and maximum age limit, however, the most important factor is your ability to provide a substantial deposit. The majority of lenders will be looking for between 25% and 40%, so those with a smaller deposit are likely to have fewer options.

As a First Time Buyer, it’s unlikely that you will find a Buy to Let mortgage offer on the high street, however, we can help you to find lenders who are more likely to consider your circumstances.

How much can I borrow for a Buy to Let Mortgage?

With a typical deposit requirement of 25%, your maximum Loan to Value on borrowing will usually be 75% of the value of the property. Lenders will want to ensure that your property can achieve a rental income equal to 125-145% of the repayments on your mortgage, and it’s likely that you will also have to undergo a stress test on your personal income, to ensure that you can manage changes in mortgage rates or the mortgage payments throughout periods of vacancy.

Can I convert a Residential Mortgage to a Buy to Let Mortgage?

If you’re considering changing your own home into a rental property, it may be possible to convert your existing mortgage into a Buy to Let mortgage, although this will depend on the terms and conditions of your mortgage.

It’s important that you don’t begin to let your property, however, before checking with your lender. If you only intend to let it out for a short time, due to temporary stay away, it may be possible to get permission from your Mortgage Lender. If you are planning to let it out in the long term, however, it’s important that you apply to change to a Buy to Let mortgage.

It’s also worth noting that once your home is a Buy to Let property, you will not be allowed to stay in it yourself, even during renovations, unless you revert back to a Standard Residential Mortgage.

How can I increase my chances of being approved for a Buy to Let Mortgage?

There are lots of things to consider when you purchase a Buy to Let property as a first time landlord, but the good news is, there are ways to improve your potential of obtaining a Buy to Let mortgage:

  • Offer a larger than minimum deposit
  • Have a strong credit rating
  • Research the earning potential of your property and the area
  • Provide evidence of prior landlord experience

How can a Mortgage Broker help with a BTL Mortgage Application?

Whether you’re looking at purchasing as an individual or Limited Company, obtaining Buy to Let mortgages for the first time can be confusing. Here at Limetree, we have access to a wide variety of lenders, allowing us to find a mortgage deal to suit your needs, whatever your circumstances.

Our knowledge when it comes to the earning potential of rental properties, means we can not only provide mortgage advice, but help you to maximise your investment, whilst saving on mortgage related costs.

The Financial Conduct Authority does not regulate most Buy to Let Mortgages