Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Geordiesherbet
    • By Geordiesherbet 15th Mar 17, 12:47 PM
    • 2Posts
    • 0Thanks
    Geordiesherbet
    Buy to let joint mortgage sole name
    • #1
    • 15th Mar 17, 12:47 PM
    Buy to let joint mortgage sole name 15th Mar 17 at 12:47 PM
    Hi

    Just after advice. My girlfriend is moving in with me and I'm buying my house. She's lived in a council house for fifteen years and someone said we should buy it as an investment. The house would have to bought in her name but shes doesn't earn anywhere near enough to get a mortgage. Could we get a joint buy to let mortgage but buy from council in her name. We don't have much spare money each month but could cover the mortgage if the property lay empty for a while. The house would be valued about £120,000 and she'd get 45% discount.
    Thanks in advance for any advice.
Page 1
    • mrginge
    • By mrginge 15th Mar 17, 12:52 PM
    • 4,085 Posts
    • 7,181 Thanks
    mrginge
    • #2
    • 15th Mar 17, 12:52 PM
    • #2
    • 15th Mar 17, 12:52 PM
    It's tin hat time.
    • Pixie5740
    • By Pixie5740 15th Mar 17, 12:52 PM
    • 10,768 Posts
    • 14,878 Thanks
    Pixie5740
    • #3
    • 15th Mar 17, 12:52 PM
    • #3
    • 15th Mar 17, 12:52 PM
    I don't think you can get a buy-to-let right-to-buy mortgage let along one which allows joint borrowers sole owner. I think that right-to-buy mortgages are all residential.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • ACG
    • By ACG 15th Mar 17, 12:54 PM
    • 15,239 Posts
    • 7,703 Thanks
    ACG
    • #4
    • 15th Mar 17, 12:54 PM
    • #4
    • 15th Mar 17, 12:54 PM
    What you want to do can be done...if it were not a RTB.
    You can not buy a property from the council and let it out. Not only is it against the councils rules, if the Mortgage lender found out, they would call in the loan and you would have to repay some of the discount if you were unable to get another mortgage on the property.

    I think you need to knock the idea on the head as the only way you would have any chance of getting it through would be by commiting Mortgage Fraud, its not worth it.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Geordiesherbet
    • By Geordiesherbet 15th Mar 17, 1:15 PM
    • 2 Posts
    • 0 Thanks
    Geordiesherbet
    • #5
    • 15th Mar 17, 1:15 PM
    • #5
    • 15th Mar 17, 1:15 PM
    Before thinking about it I asked for information from the Government website for purchasing council homes. They said once you buy the house you can let it. So is the fraud not getting a buy to let mortgage. I don't want to do anything dishonest so if it cannot be done would just forget this idea.
    • ACG
    • By ACG 15th Mar 17, 1:29 PM
    • 15,239 Posts
    • 7,703 Thanks
    ACG
    • #6
    • 15th Mar 17, 1:29 PM
    • #6
    • 15th Mar 17, 1:29 PM
    You will not be able to get a BTL Mortgage on a RTB property. It would all fall down at the legals stage I think, if not before.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,098Posts Today

9,937Users online

Martin's Twitter