First Time Landlord Mortgages | moneyfacts.co.uk

Mortgages for First Time Landlords

  - Not all buy to let mortgages are available to first time landlords. Here is our selection of the best new landlord rates available.
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Compare the Best First Time Landlord Mortgages

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Rate APRC Mortgage Type Period Max LTV Redemption Apply Today  
 

1.59%
Reverting to 4.99%
4.5% Fixed 01/05/2020 60% To 01/05/2020 Details...
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  Product Fee: Arrangement £995  

1.69%
Reverting to 4.99%
4.3% Fixed 01/05/2021 60% To 01/05/2021 Details...
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  Product Fee: Arrangement £1995  

1.70%
Reverting to 4.90%
4.4% Discounted Variable 30/04/2020 60% To 30/04/2020 Details...
Speak to an Adviser
 
  Product Fee: -  

1.92%
Reverting to 4.94%
4.5% Fixed 31/03/2020 75% To 31/03/2020 Details...
Speak to an Adviser
 
  Product Fee: Completion £995  

2.05%
 for Term
2.2% Variable Term 65% None Details...
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  Product Fee: Arrangement £1999  

2.24%
Reverting to 4.99%
4.4% Fixed 30/04/2021 75% To 30/04/2021 Details...
Speak to an Adviser
 
  Product Fee: Arrangement £1950  

2.50%
Reverting to 4.90%
4.1% Fixed 30/04/2023 75% To 30/04/2023 Details...
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  Product Fee: Arrangement £1395  

2.52%
Reverting to 4.94%
4.4% Fixed 31/03/2021 70% To 31/03/2021 Details...
Speak to an Adviser
 
  Product Fee: Completion £995  

2.55%
Reverting to 4.94%
4.4% Variable 3 years 75% 1st 3 yrs Details...
Speak to an Adviser
 
  Product Fee: -  

2.59%
Reverting to 5.00%
4.2% Fixed 28/02/2023 65% To 28/02/2023 Details...
Go to Site
 
  Product Fee: Booking £1999  
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3.89%
Reverting to 5.35%
5.3% Fixed 30/04/2020 75% 1st 2 yrs Details...
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  Product Fee: Arrangement £999  

3.89%
Reverting to 5.35%
5.3% Fixed 30/04/2020 75% 1st 2 yrs Details...
Go to Site
 
  Product Fee: Arrangement £999  
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Last Updated: Sunday 21 January 2018 01:22

Moneyfacts.co.uk Best Buys show the best products chosen by our independent experts. Where we have been able to we have also provided a link for you to apply via Moneyfacts.co.uk today. Products shown with a yellow background are sponsored products.

Most Buy-To-Let mortgages are not regulated by the Financial Conduct Authority (FCA). Whether a Buy-To-Let mortgage is regulated depends on your personal circumstances. The above information assumes that FCA regulation does not apply to the mortgage products shown.

Disclaimer:
YOUR BUY-TO-LET PROPERTY MAY BE REPOSSESSED IF YOU FAIL TO KEEP UP REPAYMENTS ON ANY MORTGAGE SECURED ON IT. Written quotations are available from individual lenders. Loans are subject to status and valuation and are not available to persons under the age of 18. All rates are subject to change without notice. Please check all rates and terms with your lender or financial adviser before undertaking any borrowing.
 

Changing your mortgage to a buy-to-let mortgage

Buy-to-let, for some, is something that’s fallen into rather than planned. If you’ve decided to move in with your partner, or have to move away for work you may be considering keeping your home, but having tenants move in.

But how exactly do you change your existing mortgage into a buy-to-let? The first thing we should say is:

Warning sign

Don’t move tenants in without formal permission from your mortgage lender. There’s a process to follow.


5 steps to becoming a BTL landlord

1. Speak to your mortgage lender

If you already have a mortgage on your property, but wish to convert it to buy-to-let it’s important to speak to your mortgage lender. You’re not allowed to move tenants into your property without your lender granting what is known as “consent to let”.

There will be a fee charged for getting consent. It could be the case that you are allowed to remain on the same mortgage rate that you are currently on, but it’s more likely that you will have to go onto a specific buy-to-let mortgage rate.

If this is the case, it’s worth seeing what your existing lender can offer and compare this to other mortgages for first time landlords (you might find that speaking to a mortgage broker will also be of help).

2. Are you going to manage your buy-to-let?

If you’re not confident managing your property and tenants directly, a letting agent can be a great help. Be sure to get quotes from several agents for managing your property, but when it comes down to it, it’s the agent you feel most comfortable with, not price that’s most important.

A letting agent has that specialist knowledge that can help you get your property ready to rent, making sure you have your Gas safe gas inspections up to date as well as looking at the details, such as making sure any electrical appliances you leave for the use of tenants are PAT tested.

It’s always better to go for a letting agent that’s a member of the Association of Residential Letting Agents (ARLA): see www.arla.co.uk. ARLA members have to adhere to certain professional standards, as well as following a strict code of practice.

3. Don’t forget landlord insurance

When you become a landlord you need to have specialist landlord insurance on the property, not the buildings insurance you’d normally have.

4. Consider talking to an accountant

Buy-to-let is an investment, and you will have to pay taxes regarding the property that you may not have thought about. Consider talking to an accountant or tax professional about what you might have to pay (your letting agent may be able to put you in touch with a specialist in this field).

5. Are you happy with the investment risks?

Bricks and mortar is normally considered a safe bet, but a buy-to-let property is an investment. That means that you could lose money as well as make it. To start off read our guide to buy-to-let investment risks. If you’re still unsure, speak to a financial adviser.


What next?

Speak to a BTL mortgage adviser

Compare all BTL mortgages

Compare 2 year fixed BTL mortgages

Compare 3 year fixed BTL mortgages

Compare 5 year fixed BTL mortgages

Compare tracker rate BTL mortgages

Read our buy-to-let guides

 
 

BTL affordability changes – one year on
BTL affordability changes – one year on

Last January, the buy-to-let (BTL) market was shaken up by regulatory changes which saw providers ha... More

Buy-to-let remortgaging sees boost
Buy-to-let remortgaging sees boost

Official figures show that the new regulations regarding portfolio landlords have not slowed down re... More

Buy-to-let mortgage rates rise by record amount
Buy-to-let mortgage rates rise by record amount

This year has been a trying one for the buy-to-let (BTL) mortgage market, and rates have suffered - ... More

Rules see buy-to-let rates rise from record lows
Rules see buy-to-let rates rise from record lows

The buy-to-let (BTL) market has been hit from all sides recently with tougher affordability rules an... More

Buy-to-let market pauses for breath amid new rules
Buy-to-let market pauses for breath amid new rules

The buy-to-let market has put up with a lot recently, and it’s just had another rule change to adapt... More

BTL: Have you considered the investment risks?
BTL: Have you considered the investment risks?

Buy-to-let is enjoying a bit of renaissance: more mortgages available, higher rental yields and high... More

Tax on buy-to-let property and rental income
Tax on buy-to-let property and rental income

Whether you let a single flat or 100 properties, find out the tax on buy-to-let property and income ... More

Guide to buy-to-let mortgages
Guide to buy-to-let mortgages

Buy-to-let mortgages are explained in this comprehensive guide. Find out how BTL mortgages work, if ... More

Principality launches 5yr BTL deal
Principality launches 5yr BTL deal

Principality BS has launched a new five-year fixed rate buy-to-let (BTL) mortgage deal, which offers... More

Cambridge’s 2yr BTL enters Best Buys
Cambridge’s 2yr BTL enters Best Buys

Cambridge BS has decreased the rate on its two-year fixed rate buy-to-let (BTL) mortgage, which is n... More

Post Office Money’s 2yr BTL leaps to number one
Post Office Money’s 2yr BTL leaps to number one

Post Office Money has revamped its fixed rate buy-to-let (BTL) mortgage range, which has resulted in... More

Coventry’s Outstanding buy-to-let
Coventry’s Outstanding buy-to-let

Coventry BS has reduced the rate on its fixed five-year buy-to-let mortgage deal by 0.20%, which has... More

TSB’s new 3yr BTL mortgage enters charts
TSB’s new 3yr BTL mortgage enters charts

TSB has launched a new three-year fixed rate buy-to-let (BTL) mortgage, which is competitive enough ... More

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