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Original poster

First time buyers / buy to let

7 replies

sophied1983 · 06/09/2015 20:09

Anyone have any knowledge on this topic?

I have a few questions...

OP posts:
Rockchick1984 · 07/09/2015 10:22

What do u want to know?

Original poster
sophied1983 · 07/09/2015 11:19

With the Springboard Family Mortgages - are you able to get one of these, but only ever let the property out (not live in it yourself)?

OP posts:
Rockchick1984 · 08/09/2015 12:42

No, you would need a buy to let mortgage to do this. You generally need at least 25% deposit for a BTL mortgage.

19lottie82 · 08/09/2015 22:29

You don't need a BTL mortgage.

Permission to Let will suffice but every lender will have different criteria as to whether they will grant it.

Bearbehind · 09/09/2015 09:35

Permission to let is generally only granted if the borrowers circumstances have changed and they want to rent their property out but they have a residential mortgage.

Taking out a resident mortgage with no intention of living in the property is a bad idea as it's basically fraud.

Rockchick1984 · 09/09/2015 11:02

As Bear says - permission to let is considered when you are moving out of your property rather than buying somewhere with the sole intention of letting it out.

19lottie82 · 09/09/2015 14:16

Sorry, yes, Bear is right.

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