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Current mortgage and relative advice
Kdws
Posts: 1 Newbie
Hi there,
Just looking for a little guidelines and if it's even a possibility.
My husband and I have mortagaged flat and will be shortly be moving somewhere bigger. That part is all fine and will go ahead.
Ideally we would like to hold onto our flat and change to a buy to let. However I wondered if my mum would have been able to move in. I know some mortgages have restrictions on having family members as tenants. My mum currently lives in a council flat in not the best area... I think this would be a great way to get her out of there, and would be better for her overall.
Di you think this would be possible and any advise for the best way to go about it?
Thank you all for your time!!
Just looking for a little guidelines and if it's even a possibility.
My husband and I have mortagaged flat and will be shortly be moving somewhere bigger. That part is all fine and will go ahead.
Ideally we would like to hold onto our flat and change to a buy to let. However I wondered if my mum would have been able to move in. I know some mortgages have restrictions on having family members as tenants. My mum currently lives in a council flat in not the best area... I think this would be a great way to get her out of there, and would be better for her overall.
Di you think this would be possible and any advise for the best way to go about it?
Thank you all for your time!!
0
Comments
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You'd need to find a regulated BTL product.
Speak to an independent broker about the few options left.
Note - affordability is based on your income, not the rent. If you plan to move her in and housing benefit to pay the rent, it would be worth researching "contrived tenancy" so you do things correctly.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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