Is there a hybrid between BTL and FTB?

spinn

Hi All,

Basically I am inheriting around £130,000 and am looking to get on the property market. I live in London and want to buy a house around Clapham Junction which will be between £300,000-£350,000. I want to buy a 4 bed place and rent out three of the rooms . Looking at mortgage comparison sites I can get a BTL mortgage with this kind of money easily but not a FTB mortgage. My question is will banks give me a better loan to value % if they know my plan of renting the other rooms on a FTB mortgage? Thank you.

Thrugelmir

In answer to your question no. If you intend living in the property then you'll require a residential mortgage. The letting income will not be taken into account in determining affordability.

Scale back you plans perhaps to something manageable?

Yorkie1

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TMoose

Also, you'll be lucky finding a 4-bed place in Clapham J for 350... According to RM there are 2 within a 1mile radius. Neither of which I would actually want to live in.

Maybe you need to revisit your propostion?

jjlandlord

spinn wrote: »

I want to buy a 4 bed place and rent out three of the rooms.

If you intend to live in the 4th bedroom you'll be a resident landlord. That means that you'll have lodgers in the 3 other rooms, not actual tenants.
That will also mean that you will not need a BTL mortgage or to seek lender consent to let: A residential mortgage is all you will need.