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Buy to let businesses - first time buyer


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Hi all,

 

I am looking to get started in the buy to let industry! I currently still live at home and have saved up enough money to buy a buy to let property in my area.

As I am looking to run this as a LTD company as I am in the 40% tax bracket, I was wondering if this was possible to get a mortgage as I do not have a residential mortgage. I have a good credit score and my earnings are enough to be above the majority of minimum salary requirements for buy to let mortgages.

 

I am also looking to move out in the next few years, from my understanding the benefits of owning a buy to let first outweigh the loss of losing my help to buy initiatives (I would lose around £1000 bonus from the help to buy ISA and any potential help to buy loan).

 

Any advice would be greatly appreciated!

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Hi Sam

 

There are several BTL lenders that do not require you to be an owner occupier so I think you will be fine. Just remember the lender options are fewer with limited company mortgages and you are likely to pay a higher interest rate than for standard BTLs.

Your limited company would need to be set up for the purposes of buying and selling property and have one or more  specific SIC codes, depending on lender.

 

Regards,

Richard

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