Do I buy to live in or Buy To Let?

Posted on 17 September 2013 by Vicky


A friend of mine has offered to be a guarantor for me. They own property and have no mortgage left to pay. I am a first time buyer. will this allow me to get a better LTV rate, currently offered at 85%? Could I get a buy-to -let mortgage with them as a guarantor?

Vicky,

There are two issues here. Are you looking to buy a property to live or one for investment that will be rented out?

On a property you are going to live in, then yes it is possible to look at a guarantor situation, however there aren't any lenders who currently accept a guarantor on a Buy to Let basis. Also many Buy To Let lenders won't lend to First Time Buyers, as they are worried about them subsequently living in the property.

It would probably be worth speaking to one of our consultants, who can go through your enquiry in more detail, and look at the different options for you.

If you'd like to do so, then please let me know and I'll arrange a convenient time for one of them to contact you.

Regards,

Simon

simon.collins@johncharcol.co.uk

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