Can First Time Buyers Rent Their Property?
Many first time buyers will be very inexperienced in knowing the legalities for what they can and can’t do for the property they buy. Some may even think that they are allowed to do whatever they want. Clearly, this is not true and there can be many rules and regulations for any property owner, not just first time buyers.
If a first time buyer would like to rent their property, then they would have to opt in for a buy-to-let mortgage. This is because this type of mortgage is for people who would like to rent our their property, you can not rent out your property from borrowing a normal residential mortgage. Buy to let mortgages can be very tempting to take because of the financial benefits you could reap from them. Renting out a property can leave you with a steady income every month, and the property that you own could have a high chance of appreciating in value. Leaving you with more money once you sell.
However, less mortgage brokers are willing to give out buy to let mortgages than a normal residential mortgage. For a buy to let mortgage, most brokers will be more willing to give one to someone who has owned a property for a certain period of time. However, it is still not impossible if you are a first time buyers, it just might end up taking a bit longer to be able to find the right broker that will sell to you.
As first time buyers will have less experience on how to rent out the property they own, or how much to rent it out for etc… Then make sure to contact us here at Kilnstone Property and we will give you the correct advice on how to do everything you need to do.
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Phone: 01293 278312