Family buy to let

catoutthebag

Can you tell me what are the obstacles and how a joint buy to let mortgage would work if it was purchased with a deposit between 2-3 people (eg me, my father and uncle, OR me and my uncle)?

My uncle is an ex British citizen but now living in Canada.

My dad is in uk with me, we both have our own places (I'm a first time owner).

My uncle has a buy to let in Florida on his own.
My dad , uncle and some other family members share ownership in a buy to let in Florida that they bought with cash. It's doing ok, went from 50k usd a few years ago to 80k usd.

Anyway, it's something we may consider here between 2-3. Given the situation with residences, and me buying a first time owner, father paid off his own mortgage, how would it work in practice with ownership?

foxy-stoat

I would image quite difficult but one for a broker. If they cannot help you its probably too complicated or no products available that would cater for your situation.

Best just buy your home with a normal mortgage and leave the BTL idea to Landlords with plenty of cash.

ACG

Im not sure how you would get your uncle on the Mortgage. I think you need an expat broker - the only one I know of is Conti, I have no idea if they are any good or not. Expat brokers tend to have relationships with different parts of the bank so they may have access to something "normal" brokers do not.

catoutthebag

Thank you for your replies