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Buy to Rent
Dodgey_Rog
Posts: 1 Newbie
Looking for advice on buying to rent. Situation is son currently renting property and cannot get onto housing ladder, as I wish to assist open to discussion on pros and cons of buying to rent, using own property as colateral; with the aim of initial financial assistance ending in possible sale of property to son in the future.
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Comments
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Sounds ok in principle. What would you like to know?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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My parents helped me to get on the housing ladder by giving us a large deposit. Some of which was a gift and the other part we have a 'charge' on our home so that when we sell we give them back the money they lent us. I guess owing a home makes sense if you are able. Also Lloyds TSB do a good mortgage with a low deposit required if a friend / family member put forward a deposit and acts as 'security'.0
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If your son will be living in the property, it would be classed as a regulated buy to let, which few lenders will allow.
You could potentially do as a 2nd residential purchase for a dependent relative if your income permits ?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.0
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