Buy To Let Mortgage Query

roxystaff

Hi

i've searched through old threads but can't find answer to my query so here goes:-

i'm looking into buying a property for my mum to live in, her current place is not a very well kept property and her landlord won't do anything about it. however because she is a pensioner and on housing benefit (she's just turned 60) and has pets finding a new property to rent is very difficult and her local council won't house her because of the pets.

so my question is do i have to apply for a buy to let mortgage to let it to a family member or can i apply for a normal mortgage. i would require a mortgage as i already have a mortgage of my own against my own home.

also is there any brokers that work after 6 i've emailed loads but they all want to speak to me during the day which i can't really do as i'm at work and they don't want to do it by email which i can understand

thanks for any advice

herbiesjp

Yes you can let it out to a family member, but the mortgage then becomes a reulated BTL mortgage and the choice of lenders is limited, but you should be able to find something

HTH

ajaxgeezer

Roxy,

It will have to be a buy-to-let.

Keep looking for an advisor, they will come. Mine was a superstar, he came out a few times in the evening, always on the end of a phone, and it only cost me a couple of cups of coffee.

roxystaff

ajaxgeezer - any chance you can pm who you used been trying for 3 weeks now and getting nowhere fast. even had a letter from a broker mentioned on here saying can i ring them because they've tried ringing me during the day but can't get hold of me, did tell them i was available after 6 so i take it they not about then.

least i now know which mortgage i require thanks for both replies

ajaxgeezer

OK Roxy, I've done that.

With your mum being on benefits it may also be worth speaking to the Department of Work And Pensions as they will presumably be paying your rent. You are obliged to tell them of any family link, and they will give you all the info you need on that score. Don't be tempted to mislead them though, that's fraud and they sense it a mile off.

roxystaff

thanks Ajaxgeezer.

yes i have spoken to the people who pay her rent now and they said so long as i don't live in the house and she has proper tenancy agreement then they would pay twhat she gets now, i would pay the short fall myself.