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Is this possible?
Comments
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Family member or not makes no difference. If they don't live with you and under 18, then even if the property they live in is their parents, they are still tenants. You are still responsible to act as a landlord. It means that you are not a resident of that property and therefore cannot get a residential mortgage.
Otherwise, think about it, anyone wanting to be a landlord without paying the higher cost of a BTL and duty stamp would have their kids moving in for 6 months, and then rent to strangers. The government is not that stupid!!0 -
Yes, you can get a residential mortgage for family members to occupy your second property and no, it doesn't have to be any kind of BTL product if you don't want to let to them.wouldn't it be a second property for a family member to live in, though - regardless of whether they made any contribution or not?
An independent broker will establish options with you having analysed your circumstances.
From a SDLT POV you might want to go the joint borrower, sole proprietor route and have the property in your child's name rather than yours.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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