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First time buyers 1st move....Residential or BTL?

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Hi Harry,


I believe that if you already have a residential property it is easier to get a BTL mortgage, the reason being that if you make your first purchase a BTL, the lender is fearful that you may want to live in it yourself, which is understandable. 

I'm the south too and share your fear of prices rocketing. I'm in the process of  purchasing my first BTL and I had to define my goals clearly before taking the step. I guess you have to ask yourself if you need a home to live in or are you  looking at a long term investment? Once you have a clear objective it makes the process easier.

I wish you well  and would be interested to hear how you progress.



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  • 2 weeks later...

Hi Harry,


I've got a similar dilemma, albeit I'm earning less than you and a bit younger (22). But I was thinking about this the other day as well... 


If you are thinking about paying stamp duty etc. then I would suggest going for your house/home first. A £300k home with no stamp duty and then 3% on a BTL worth around £90k = £2,700.


Also (and someone can correct me if I'm wrong), but isn't it that you only get stamp duty relief once for your 1st purchase of a home? So you might as well make the most of it. Because once you buy a BTL, you will always own 1 residence and won't be exempt from stamp duty?


Additionally, you mentioned you don't want house prices getting away from you, so all the more reason to buy your house/home first which will be the more expensive purchase. 

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