Mortgages for (newly self-employed)

GMS

lisyloo wrote: »

The owners are individuals - say Mr&Mrs Smith.
The concept I had was we'd rent to the business - Smith Enterprises - not the individuals Mr&Mrs Smith.
Smith Enterprises then use it for their employees.
I'm sure there are cases where business rent flats for use by their employees.

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Question on the app form along the lines of - 'Do you or any of your family intend to occupy more than 40% of the property in the future?'


Answer to this is clearly YES. As a result you cannot have a BTL mortgage on it.


In your example Mr & Mrs Smith get the mortgage then reside in the property regardless of how the tenancy is signed.


There are companies who rent flats to employees. The employee however doesn't own the flat.


You need proper advice. Far too many holes for a forum as has been mentioned.

lisyloo

Thanks for all your time.
I naively though this would be more "standard" for contractors, when it's clearly a great deal more complicated (when I say contractor I mean director of a limited company).

Mortgage_Mark_2

Contractor specialist broker.

That's the way to go.