New business BTL Mortgage

silvercar

dipsldn said:

 MWT said:

dipsldn said:

..but i didnt mention i will rent it to my parents, will this cause any problems down the line? 

Yes, it will invalidate the mortgage completely.

You need a regulated BTL mortgage, it is imperative that you tell your broker immediately about the plan to rent to close family as you are wasting their time right now heading down the wrong path...

Hi thank you, i know its a silly question but arent they all regulated? and is there a reason for this? in case the market crashes or what? Also, will anyone be checking on the property as to who lives in there and once i purchase it, what generally happens after that? do i need to get an estate agent to manage it or can i just get my family in ?

What do the terms 'regulated' and 'unregulated' mean? Put simply: a regulated loan is regulated by the Financial Conduct Authority (FCA), whereas an unregulated loan is not. Regulation means that consumers are protected from incorrect advice or miss-selling from lenders or brokers.
Regulation applies to individuals as consumers. Those operating as a business are not regulated. BTL is a business. Occupation by yourself or family members is regulated.

MWT

dipsldn said:

Also, will anyone be checking on the property as to who lives in there and once i purchase it, what generally happens after that? do i need to get an estate agent to manage it or can i just get my family in ?

I don't think there is a kinder way to say this so I'll just say it anyway...

Please get some good professional advice from someone you are not related to, as you are rushing headlong into mortgage fraud at this rate.

At the bare minimum just tell your broker exactly what you are planning to do and get their help to do it right, or decide not to do it at all.

I am very concerned that you are being encouraged to do something that could end up leaving you in a complete mess...