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Buy-to-let property - first time buyer

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  • 04-07-2017 9:10am
    #1
    Hayden Pennyfeather
    Registered Users Posts: 72 ✭✭


    Looking to get some info on the above please

    1. Can someone who does not currently own their own home (and is currently renting) get a buy-to-let mortgage? (assuming the have the required income and deposit)

    2. If yes to question 1 - if you get a buy-to-let mortgage would this rule you out of being considered a first time buyer when buying a home considered as your principal dwelling? Probably a silly question but would like to confirm

    3. If no to question 1 - Could you get mortgage on the buy-to-let property as a first time buyer, despite it not being your principal dwelling? Or how would it work?

    Another question for info - What is the definition of principal dwelling and how is this assessed/monitored?

    Thanks


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    #2
    Fian
    Registered Users Posts: 2,192 ✭✭✭Fian


    1. - with the required income and deposit - yes. You will need to satisfy lender you are a safe risk - so a number of years in employment might also be required.

    2. - yes, you would not be a first time buyer for next purchase.

    3. - is this a repeat of question 1? If you get an ordinary mortgage it would be a breach of your terms and conditions to move out. Mortgages on PPR are generally at a lower interest rate than a buy to let, because it is regarded as a lower risk that you will default on your home than on an investment.

    Your principal residence is where you ordinarily reside. I don't imagine this is actively monitored - though i don't know.


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    #3
    Hayden Pennyfeather
    Registered Users Posts: 72 ✭✭Hayden Pennyfeather


    Fian wrote: »

    3. - is this a repeat of question 1? If you get an ordinary mortgage it would be a breach of your terms and conditions to move out. Mortgages on PPR are generally at a lower interest rate than a buy to let, because it is regarded as a lower risk that you will default on your home than on an investment.
    .

    Thanks.

    On the above, not not necessarily the same Q. Q1 was whether i could get a buy-to-let mortgage given my circumstances i.e. i don't own my own home and am renting. Q3 was a follow up to Q1, I wanted to know what my options would be if I could not get a buy-to-let mortgage - could i get a regular mortgage despite the fact it would not be my principal dwelling. I think you have answered both, thanks.


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