Living in London and buying in Brighton to rent out for the first 3 - 5 Years. Do I have to get a Buy To Let mortgage?

Posted on 22 July 2013 by Simon

I am currently living and working in London, but I am thinking about buying a property in Bournemouth near where my parents live with a view to moving there in say 3-5 years. My plan would be to let this property out while I remain in London, and then move into the property when I relocate at some point in the future. I don't currently own a property, but would be able to get a deposit of around 25% of the property value. Would this arrangement require a Buy-to-let mortgage (I fear it might), as the whole situation looks much more attractive if I would be eligible for a First Time Buyers mortgage in terms of the monthly repayments? Many thanks, Simon


As the property you are planning to purchase in Bournemouth will be initially let out, I'm afraid it will be classed as a Buy to Let, and therefore a Buy To Let mortgage for the first 3-5 years will need to be obtained. Lenders won't allow you to take a residential mortgage now as your intention is clearly to let the property from the outset.

Once you decide to move into the property, then at that point you will be able to re re-mortgage onto a residential basis.

As you are also a First time Buyer and First Time Landlord, there are a limited number of lenders that will be able to accept the application but there are some quite competitive rates on offer and the key will be to approach the right lender for your circumstances.

That's why it is crucial in these situations to get the right advice. Let me know the best time when you're available and I'll arrange for one of our consultants to contact you and run through your options in more detail.



More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.