Buy to let joint mortgage sole name

Geordiesherbet

Hi

Just after advice. My girlfriend is moving in with me and I'm buying my house. She's lived in a council house for fifteen years and someone said we should buy it as an investment. The house would have to bought in her name but shes doesn't earn anywhere near enough to get a mortgage. Could we get a joint buy to let mortgage but buy from council in her name. We don't have much spare money each month but could cover the mortgage if the property lay empty for a while. The house would be valued about £120,000 and she'd get 45% discount.
Thanks in advance for any advice.

mrginge

It's tin hat time.

Pixie5740

I don't think you can get a buy-to-let right-to-buy mortgage let along one which allows joint borrowers sole owner. I think that right-to-buy mortgages are all residential.

ACG

What you want to do can be done...if it were not a RTB.
You can not buy a property from the council and let it out. Not only is it against the councils rules, if the Mortgage lender found out, they would call in the loan and you would have to repay some of the discount if you were unable to get another mortgage on the property.

I think you need to knock the idea on the head as the only way you would have any chance of getting it through would be by commiting Mortgage Fraud, its not worth it.

Geordiesherbet

Before thinking about it I asked for information from the Government website for purchasing council homes. They said once you buy the house you can let it. So is the fraud not getting a buy to let mortgage. I don't want to do anything dishonest so if it cannot be done would just forget this idea.

ACG

You will not be able to get a BTL Mortgage on a RTB property. It would all fall down at the legals stage I think, if not before.