What type of mortgage do I need for this and who can supply? Please help!

franki3

Hi

I'm not sure if anyone can help me with this but would be great if you can.

I currently live in a semi detached house that has been converted into two flats. I live on the first floor flat which has 2 bedrooms and a lady lives on the ground floor which has 1 bedroom.

Basically I want to buy the building from my landlord. Keep the tennant living in the ground floor flat and I would remain living in the first floor flat.

I have spoken to a few people about this. Some have said I would need a Buy-to-let mortgage. My own bank said I would need to buy the properties seperately, a first time buyers mortgage on my flat and a buy to let on the ground floor flat. They said each property would require their own deeds to do this. But then they also said they could not help me wit the buy to let because they require a 15% deposit and I would also need to be earning 40k but I earn 35K.


Can anyone else shed any light and help on this?

Many thanks!

Mr_helpful

You probably need a bit of creative financing which I could discuss with you. I take it there are two seperate leases one for each Flat If so then bank is basically right in that yours will be a residential and downstairs will be a buy to let. Buy to lets now go up to 90% in some cases but it would be worth looking a bit further than your bank.