First, you need to make sure you understand what the term buy to let first-time buyer means. It is formed from 2 parts, the first, buy to let, is a particular type of mortgage that was made for investors. Shortly, you will only pay the interest during the period of the contract and the borrowed sum at the end.
And the second part, first-time buyer, means that it is the first property that you will buy.
The problem that first-time buyers that want to use the buy to let method will have is the same one that someone that has bad credit mortgages. The lenders will not be willing to trust them.
Keep in mind that buy to let mortgages were made for investors. And if you have no experience in the industry, then it will be very hard to gain the trust of the potential lenders.
It Is Almost Impossible to Become a Buy to Let First Time Buyer by Yourself
A track record is the most common and useful method that most lenders use to decide if they are willing to approve buy to let mortgages. But you can’t become a buy to let first time buyer use this method.
The main problem will be the fact that you do not own property yet. And if you take into consideration the fact that you are not allowed to live in the property you buy through this type of mortgage, then you need to prove that you have a secured place to live besides the ability to make the payments.
The Deals You May Find Won’t Be the Best Ones
You may find lenders that have fewer restrictions. And they may be willing to lend you the money through the buy to let method. But in most cases, they will ask for higher interest rates in return.
So, you will have to sacrifice your long-term profits for a short-term benefit. Moreover, to make this worth the investment, you will need to find a very good deal, which may also be very hard to find. You can check this pros and cons article for more details.
You Can Only Get the Best Deals as a Buy to Let First Time Buyer with the Help of a Broker
If you want to become a buy to let first-time buyers without making any long-term sacrifices, then you will need to collaborate with a reliable broker. This is the only method through which you can find the best offers that will not negatively affect your financial situation in the long term.
Keep in mind that a top broker has an extensive network in the industry. So, all you have to do is to convince the broker that you will be able to make the payments on time. And a reliable one can even help you accomplish this through advice.
You should never ignore the benefits that you can get from the advice that a professional broker can give you. He has both the knowledge and experience required to understand what you need the most as an investor in the real estate industry.
You Won’t Be Able to Achieve Your Goals If You Have Bad Credit Mortgages
You may already have a property. So, you may not be considered a first-time buyer. And this may allow you to get a buy to let the mortgage easier. But if you have bad credit mortgages in your name, then a bigger problem will appear.
Not even a broker can help you get the loans in the short term you need if you have a bad track record in the industry.
Some causes of bad credit can be attenuated. So, simply having bad credit may not prevent you from getting a buy-to-let mortgage. But the situation changes if the cause is a mortgage.
Your bad credit mortgages will make any lender believe that you do not have the ability or willingness to make the payments on time. So, the risk is high that you will cause him to lose money. But there are also solutions for this type of problem.
Let the Broker Help You Solve Your Bad Credit Mortgages Problem
Yes, a top broker can even help you solve this type of serious problem. It may not be possible in the short term. But in at most a year or 2, a broker’s advice and information can help you solve the problems you have with your credit score.
So, if you are looking for a solution to solve a credit score problem, then you need to start looking for a reliable broker. You may get a payment plan that you can implement. Or you may get advice about how to save more money to afford the current mortgages you may have. The solution you will get depends on your current situation.
A Broker Can Provide You Other Benefits as Well
Besides helping you solve the bad credit mortgages problems you may currently have or helping you become a buy-to-let first-time buyer, there are other benefits you can expect from a broker. Working in the financial market, a broker has a lot of knowledge and experience about wealth production.
Even if you have already educated yourself in the field, you may still lack the experience of a broker. And you will be able to make use of the experience of a broker to get personalized pieces of advice. Keep in mind that not everyone’s situation is the same.
The Best Method to Look for a Reliable Broker
By now, you should understand how important it is to find a broker. So, the main thing you should focus now is on finding a reliable one. And the first thing you should do is use the internet to find all the brokers in your city.
Nowadays, most of them have websites that you can check and compare. And it is a lot easier to contact other clients of the brokers. As a result, you will have an easier time researching and finding the top alternatives. So, you can just use the services of one or more of the top brokers you found.