getting a mortgage on a student property

jimbob_3

hi

i have a close friend starting university full time in october, and a daughter starting in a couple of years.

i would like to be able to help one or both of them to get a nice place to live whilst studying.

like so many people, i thought about buying a property near their university, then 'letting' it to them and their friends so that the rent covers the mortgage, and then selling it in a few years.

whilst i am aware that i would probably lose money overall, i would consider this money well spent in providng support to them whilst they are studying.

I currently have one btl property and a residential mortgage.

i would be looking to buy the property in October but obviously dont know about rental incomes until i decide on the size of property.

can somebody suggest what process i need to go through, how easy it would be to get a mortgage now, and would it make a difference if i were to be buying it for my friend or daughter?

Thanks

herbiesjp

You would need to find a lender that is happy with the student let scenario.

The lender would be happy you were letting it out to your friend or your daughter.

I would suggest looking at loan figures/property prices and seeing what kind of rental income you would require - this may help pin point the right property at the right price.