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BTL criteria - tenant both student and "family" of landlord?
user1977
Posts: 18,178 Forumite
Mainly a query for the brokers...
My girlfriend will soon be starting a university course, which will be distant from her current abode so she'll need a place to live. As we suspect many landlords/agents will object to the combination of her pets, children and student status, we're considering whether I can buy somewhere for her to stay. We might be able to do this as a cash purchase but a mortgage would be helpful.
Leaving aside the concerns about the inappropriate aspects of our landlord/tenant relationship
, we have no problem in setting this up as a normal arm's length tenancy, but I wonder if lenders will object to her being (a) a (mature) student and/or (b) my (non-cohabiting) girlfriend. From a quick look online, I see some have problems with students, and some with immediate family as tenants, but not sure if this is a particularly difficult scenario? She'll be able to (genuinely) pay sufficient rent to cover my costs, and I'm not expecting anything else about the property or the affordability to be awkward - at a guess say 50% LTV.
My girlfriend will soon be starting a university course, which will be distant from her current abode so she'll need a place to live. As we suspect many landlords/agents will object to the combination of her pets, children and student status, we're considering whether I can buy somewhere for her to stay. We might be able to do this as a cash purchase but a mortgage would be helpful.
Leaving aside the concerns about the inappropriate aspects of our landlord/tenant relationship
, we have no problem in setting this up as a normal arm's length tenancy, but I wonder if lenders will object to her being (a) a (mature) student and/or (b) my (non-cohabiting) girlfriend. From a quick look online, I see some have problems with students, and some with immediate family as tenants, but not sure if this is a particularly difficult scenario? She'll be able to (genuinely) pay sufficient rent to cover my costs, and I'm not expecting anything else about the property or the affordability to be awkward - at a guess say 50% LTV. 0
Comments
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Why not buy with cash and rent out to your girlfriend and do all the things a responsible Landlord should do. Gas safe check, full electrical inspection, CO alarm and smoke alarms.
Draw up a short hold tenancy agreement and join a landlords association such as RLA or NLA
Treat this as a proper undertaking.0 -
(b) doesn't need to be declared to a lender.
(a) will depend on the lender, it may also mean you have less options for insurers. with that low LTV I suspect that you will find a lender.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Why not buy with cash and rent out to your girlfriend and do all the things a responsible Landlord should do. Gas safe check, full electrical inspection, CO alarm and smoke alarms.
Draw up a short hold tenancy agreement and join a landlords association such as RLA or NLA
Treat this as a proper undertaking.
Don't worry, I'll be doing all that - just wondering if a lender is likely to have qualms.(b) doesn't need to be declared to a lender.
(a) will depend on the lender, it may also mean you have less options for insurers. with that low LTV I suspect that you will find a lender.
Thanks!0
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