BTL .. Is a brother in law...

Raggie

A relative?

When looking at BTL mortgages where they exclude relatives...

Is a brother in law a relative.. As he is not a dependant??

Thanks

Thrugelmir

Does your sister live somewhere different to your BIL?

somethingcorporate

I would have thought so - what makes you think it is a dependent? Putting a parent in is also a connected party.

Raggie

Thrugelmir wrote: »

Does your sister live somewhere different to your BIL?

Hi yes my sister does..

But it's his sister I married.

:-)

Cheers

Raggie

somethingcorporate wrote: »

I would have thought so - what makes you think it is a dependent? Putting a parent in is also a connected party.

Only that how do you define a relative. A dependent seemed as simple way.

The mortgage companies probably look at the family tree to define where the cut off for a relative would be..

As I am only connected to him by marriage I wonder where he would sit.

Cheers

somethingcorporate

Yep, it's a tricky one.

I would say you are connected but only one party can give you a definitive answer in this case. Give them a call!

Raggie

Will do.. It's that Sunday afternoon type question..hence the post... But I will bell them this week and update this thread for future googlers...

Cheers

Dave_Ham

What are you trying to achieve?

There are some lenders that allow you to let to a relative, if that is the issue??

Raggie

Hi Dave,

I am looking at a BTL in an area where the BIL would like to live in. (He currently rents in a different area).

Now I am not buying for him, but was curious if he would be excluded from renting it from me.

The terms and conditions on the products I have seen state "no relatives", and curiosity got the better of me and I wondered to a mortgage company who is a relative.

Cheers

holly_hobby

The issue is that if more than 40% is occupied by a family member, it turns an unregulated BTL mge into regulated borrowings ....

But as Dave says, there are lenders who are currently happy to provide such finance .... your broker will advise of suitable providers.

Hope this helps

Holly

Dave_Ham

Cool - would not worry hugely as there are lenders (although a few are changing policy again) that will lend and happy to let to family. It would be regulated, rather than unregulated though...

Not sure to the BIL being a relative and where they would draw the line to be honest. I think anyone declared as family would be precluded, but it would likely to be self cert as do not think they will start checking the family trees etc.

Good luck