First time buyer, BTL

ACG

You will get asked if its being lent to family members.
Go and see a more personal advisor, someone who will invest some time in their client and isnt reliant on leads dropping onto their desk.

ftb-btl

Thanks for the advice everyone, I really hope I'm able to find the products to suit me

Dave_Ham

As ACG and others say, speak to a smaller, independent broker where the broker has been doing the job years in opposition to the company has been around years.

This can definitely be done, although suggest it will be completing on the first mortgage and then the buy to let soon after..

Good luck

ftb-btl

Thanks Dave, I'm already on it

Will let everyone know how I get on!

somethingcorporate

Is there a reason you could not wait the 6 months between completions? It's really not very long in the scheme of buying 2 houses!

ftb-btl

Yes you're right but the family member needs to be housed now. Mum was forced out of her house because the endowment policy didn't pay out - she can't fight that side of it either as it is her fault - she stopped paying in to it.

The mortgage had to be redeemed and the only option was to sell up.

She was left without enough equity to buy anywhere else outright and can't obtain a mortgage due to being so close to retirement (she's 62).

So she is staying with a friend right now, on a very temporary basis

sparkii

I know somebody who converted a shed / barn in his garden for his mum to live in. Didn't bother with planning permission and after 4 years of his mum living it applied to council for a certificate of lawfullness which they gave him no problem, they didn't even come around to look it! Now his property or properties are worth a lot more. You could find somewhere like that, it would be a lot less hassle than btl (I do btl by the way).

beecher2

Would probably be less stressful for everyone if she went into private rented for 6 months?

ftb-btl

Well we'll see how it goes with a smaller all of market independent broker willing to put in the time, first

*Urgh* Wouldn't have had all these complications five years ago...

STAR_BUCK

Look i'll probably get criticised for this but i'm sure most landlords with mortgages are housing people that go against the lenders criteria i.e DSS tenants, students etc
If you do go for a Btl just dont mention who your intending to rent it to... As long as u are paying yr mortgage on time and can clearly afford it. Right, better go grab my bullet vest, ready to be fired at