Right to buy / joint mortgage with non tenant

bracken1984

Or rather, it probably SHOULD be a condition of the sale that you don't have a BTL mortgage!

GMS

The terms of the sale will almost certainly prohibit the property being used for non owner occupied purposes during the pre-emption period. This means any BTL mortgage would not be suitable and could therefore not complete as the property cannot be let in line with the BTL mortgage terms.

Letting without permission would be in breach of the conditions of the purchase and mortgage.

Senior_Paper_Monitor

I "know this" because I process an average of 2 right to buy purchase enquiries a day - and spend a chunk of my time negotiating exemptions for age, income type and acceptance on 125 offers/tenancy.

In answer to your next question - lenders don't give BTL mortgages on RTB purchases because they don't choose to as they all (without exception - and I stay in regular contact with some 28 lenders in this market) consider it high risk enough on a residential basis.

There are a number of lenders (certainly into double figures) who accept names on mortgage who are not on title deeds - but not one of them will consider this on an RTB (I know I've asked)!

Neither will they accept guarantors - I have spent a shed load of time negotiating for this and failed so far.

bracken1984

Okay thanks very much for clarifying that. Sorry I'm not a regular on here so I've no idea who's who!

I thought it might have been a bit of a hassle it seems to just be a big fat no don't bother.

Thanks all of you for your replies, we've come to the conclusion that it's not worth the bother!