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Family buy to let...?
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Seahorse3333
Posts: 1 Newbie
I'm a UK citizen living in New Zealand, with a property in the UK which I rent to my sister. I would love to re-mortgage in order to free up cash for renovations to the property but it seems to be an impossibility. I find it hard to believe that I'm the only person in this situation, but all the lenders I can find will either do a regular buy-to-let mortgage for expats OR a family buy-to-let mortgage for UK residents only, and not both. Is anyone aware of any lender out there who is offering a family buy-to-let for expats? Thanks in advance for your help.
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Comments
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The difficulty you may have is if you rent the property to a family member then it's a regulated buy to let, which is more akin to residential rules and processes, and being a non-UK resident and last years mortgage credit directive changes to foreign currency lending will make it difficult indeed.
An unregulated buy to let doesn't fall into this category hence why you are likely still able to process it if it wasn't family living there.0
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