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Buy to let for family member?
rev_henry
Posts: 4,965 Forumite
My mother has offered in principle to buy us a flat with a view to us living in it for a year then continuing it as a BTL.
However, normal BTL mortgages obviously ban this, and she has spoken to just one broker who has said a 'family member BTL mortgage' would not be possible on her income (around £21k). Does this sound correct, or is it worth pursuing other brokers?
For a £100k ish flat with 20k deposit.
However, normal BTL mortgages obviously ban this, and she has spoken to just one broker who has said a 'family member BTL mortgage' would not be possible on her income (around £21k). Does this sound correct, or is it worth pursuing other brokers?
For a £100k ish flat with 20k deposit.
0
Comments
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Theyre called regulated BTLs.
They are based on the purchasers income - rather than rent.
Because of that, they also have to look in their current financial circumstances, so if your mother does not have a mortgage, you will be fin. If she has a mortgage in excess of say £20k then you may find it a difficult.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
As I suspected. Yes she does have a mortgage in addition to renting the home she lives in.Theyre called regulated BTLs.
They are based on the purchasers income - rather than rent.
Because of that, they also have to look in their current financial circumstances, so if your mother does not have a mortgage, you will be fin. If she has a mortgage in excess of say £20k then you may find it a difficult.0
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