Yes, your first mortgage can be a buy to let in Scunthorpe, although the number of lenders available is usually smaller compared to someone who already owns a residential property.

Some lenders are open to first-time buyers applying for buy to let mortgages, while others prefer applicants with previous homeownership experience. The lender will usually assess your income, deposit, credit history, and the expected rental income from the property before making a decision.

Buying a rental property as your first purchase can involve stricter criteria, though it is still possible with the right circumstances.

Is it more difficult as a first time buyer?

Many lenders see first-time buyer landlords as higher risk, particularly if they have never owned or managed property before.

This often means lenders may expect:

  • A larger deposit
  • Strong income
  • Good credit history
  • Lower existing debts

Some lenders are far more flexible than others, especially where the applicant has a strong financial background.

Speaking with our mortgage advisors in Scunthorpe before applying can help you understand which lenders may suit your circumstances.

How much deposit will you need?

Most buy to let mortgages for first-time buyers require at least a 20% to 25% deposit.

The exact amount can vary depending on the property type, your financial position, and the expected rental income.

Lenders will normally assess whether the monthly rent comfortably covers the mortgage payments under their affordability calculations.

Can you live in the property yourself?

No, not with a standard buy to let mortgage.

Buy to let mortgages in Scunthorpe are designed for properties that will be rented out to tenants. If you intend to live in the property yourself, you would normally need a residential mortgage instead.

Applying for the correct type of mortgage from the beginning is important, as lenders take occupancy rules seriously.

Why do first time buyers want a buy to let mortgage?

Some buyers choose buy to let as their first property purchase because they want to begin investing in property before buying a home for themselves later on.

Others may already live with family or work elsewhere temporarily and see buy to let as a longer-term investment opportunity.

Scunthorpe continues to attract landlords looking for properties with steady rental demand and more affordable property prices.

Date Last Edited: May 27, 2026