Yes, it’s possible, but it’s tougher. Many lenders prefer you to have some experience in owning property because of the additional risks involved in being a landlord. However, if you have a strong financial background, some lenders might consider you as a first-time landlord, first-time buyer.
Top Slicing enables customers who have a shortfall in their required lending to use a proportion of their earned income when the rental income for the BTL property is not sufficient to meet the lender’s standard rental cover ratio (RCR) calculation. Not all lenders allow top-slicing, and you may need a minimum annual income greater than £25,000.