Do I need to get a buy to let mortgage?

cany-bird

Hi,

this is my first posting so please be patient if I don't get it right!

I am receiving some money in a divorce settlement, plus a house divided into three flats, a three bedroomed house all with tenants in situ and a four bedroomed house that is my primary residence. Up until April of this year I had tenants in the four bedroomed house with permission of the mortgage company.

I want to use the money to but another property and my daughter who is getting married soon will live there with her husband but paying me rent. They cannot afford to get a mortgage above £80,000 as they are both on low income. Eventually all the property will be her's so she is happy to be paying me rent rather than an independant landlord!

As it is a relative that will be living there do I have to get a buy to let mortgage please?

Also any advice on the best deals on the market at the moment would be very much appreciated!

Thanks.

herbiesjp

There are a few options available - but would need a lot more detail

Fairdo_2

Some Lenders would not entertain you doing a Buy To Let for a relative, so you would have to get some serious research done.

AS herbiesjp says, you may have several options, depending on your overall circumstances and I think the information you would have to give to look at all the options would be too much and too private for the thread, so I'd suggest you speak to a good Mortgage Adviser and look at options.

One is Buy To Let with a Lender that would allow a relative to be a tenant. Another option is a Lender who would allow you to take a Mortgage for a "Dependent Relative" C&G used to be very good for this. However, you would need to be able to afford the mortgage in your name on that, along with any other commitments you have. This is why you should give a broker the full picture and let them do the research.