Regulated Buy To Let Mortgages

the_end_of_the_rainbow

Hi

Can anyone tell me which lenders currently offer regulated buy to let mortgages, please.

Many thanks

buglawton

BTL mortgages are not regulated - yet.

Senior_Paper_Monitor

Buy to let (and commercial) mortgages are regulated where more than 40% of the floor area of the property is to be used by a relative or their immediate family member who will pay rent (or its equivalent) for its use.

The important issue (in most cases) is how the various lenders assess affordability for the owner - as a buy to let (based on rental income) or as a second home.

the_end_of_the_rainbow

Thank you for your replies.

The property is let to a family member (and has been for the last 12 years). It is currently mortgage free. I would like to arrange a new mortgage on the property to release funds to buy some more buy to lets.

Property value £70000
Current rent £81 per week (below market rents) = £4212 pa

Current home value £230,000
Current mortgage £115,000

Joint income approx £70,000 pa

magpiecottage

When you say a family member, what do you mean?

As a rule of thumb, if you could enter into a marriage or civil partnership with somebody living there (or could if you were not in such a relationship with somebody else) it would be regulated. Otherwise not.

the_end_of_the_rainbow

Brother in law