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Buy to Let (Live in and rent rooms)
zag2me
Posts: 695 Forumite
I'm a single bloke trying to get a bigger house, I want to buy a 2-3 bedroom house to live in and rent out the other rooms.
Can I get just any kind of buy-to-let mortgage or are there any special products for my situation?
Can I get just any kind of buy-to-let mortgage or are there any special products for my situation?
Save save save!!
0
Comments
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you can't get a BTL mortgage if you are going to live in the house.
you should be able to get a residential mortgage and still rent the rooms out BUT lenders are unlikely to include the likely rental income in any calculations on the amount they will lend.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
This may be of interest.
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Hmm so basically there is no way of getting higher mortgage multiples even with a lodger?
I earn a fair bit and have a large deposit and buy to let seems perfect, but they won't let me live in it as well
Save save save!!0 -
you could consider self certification as you have the income streams of your employment and the rental money; need to see a broker to see how well this would work.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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