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  • Property-a-holics

    First property

    Hi everyone, hope everyone is enjoying their weekend.  I’m looking for a bit of direction...i’m looking to buy my first property in my name and eventually build a sizable portfolio so I can leave employment.

    As I’m a first time buyer I believe there’s more tax advantages, however I’m not looking to live in the property, just rent it out.

    Would I need to initially use a resi mortgage or are BTL mortgages still available for someone in my position.  Ideally I’d like to buy the property BMV as well, so I’ll be able to expand quicker.

    Are there any obstacles I should be aware of going forward.

    Thanks

    TJamie

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     2 things come to mind in your situation with regards to getting a mortgage:-

    Very limited lenders due to not owning any residential property and not an experience landlord

    BMV might involve property needing a bit of work and most normal BTL lenders will be excluded, may need to to through bridging finance.

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    It is not allowed use a residential mortgage for a buy to let property. 

    If you are found out to have done that you will be blacklisted and will be unable to get a mortgage in future

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    All comments are made in good faith and are given to the best of my knowledge and experience but I would advise you to consult an expert before making important decisions and I accept no liability for comments made.