Mortgage query

AC2802

Hello

I am just looking for some advice on the best financial option to secure a property for my mother who is currently in rented accommodation. We are looking at properties valued at approx. £100k - £120K and have a deposit of £40k.

My sister and I are hoping to take a second mortgage between us as we both have one each already.

Is buy-to-let a valid option which can be considered?

We would like to obtain some advice on the best option which would keep to a minimum impact to our own borrowing capacity.

Thanks
AC

Dave_Ham

Potentially getting this as a buy to let is an option, it would need to be regulated given Mum being resident.

It will be worthwhile getting formal advice, as dependent upon specifics you could potentially consider mortgage for dependent relative and may be better terms subject to circumstances.

One of the key considerations and potential barriers could be where the deposit has come from...

Good luck

AC2802

Many thanks for your quick response Dave.

We will investigate the dependants mortgage option further.

kingstreet

I agree. You can buy a second property for a family member to reside in and get the residential mortgage options, subject to affordability along with your own mortgage and outgoings.

A regulated BTL means worse rate, higher fees and more hoops to jump through.