The MSE Buy-to-Let Guide

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Buy-to-Let Mortgage printed guide.


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  • This seemed to cause a lot of debate on twitter but none here?

    Myself, tho understanding why MSE did it, it's kind of changed my view of the site, as I always thought it was about standing up for the little guy. I can see there is scope for a guide I just found it, kind of disappointing.
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    The little guy isn't allowed to own a BTL?
  • HI there, I am fairly new to this site so hope I am posting in the appropriate place. My folks live in a property I own. I currently have the mortgage in my name and they live there without paying rent or being subject to a tenancy agreement. My mortgage company tried to switch me to a buy-to-let rate but I had my folks sign a piece of paper waiving rights to be in the property.

    The rate is pretty bad in its own right (5.9%) so, with some equity in the property, I am now considering remortgaging on to a buy-to-let mortgage with a proper provider - I had not appreciated the new rules that came in during April this year that mean you cannot get a buy-to-let mortgage with family members resident in the property. Not even if you have them sign up to a proper tenancy agreement.

    Has anyone got any experience on how to handle this? It seems fairly daft and right now my only real angle of attack seems to be to turf my folks out! Either that or apply to remortgage but then I would be doing that with people in the house and I'd struggle to say it was my main property (although it would be the only property I own as I rent my family property).

    Grateful for any thoughts/creativity!
  • silvercar
    silvercar Posts: 46,833
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    I had not appreciated the new rules that came in during April this year that mean you cannot get a buy-to-let mortgage with family members resident in the property.

    That isn't new.

    Creativity: Move in and get a residential mortgage.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and 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 [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • hi, we would like to invest in another btl to boost our pension but find providers aren't interested in older people - any advice welcome please.
  • Oasis1
    Oasis1 Posts: 710
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    And through reading this guide I've only just found out you can't "buy to let" your first home. Sigh.
  • silvercar
    silvercar Posts: 46,833
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    Oasis1 wrote: »
    And through reading this guide I've only just found out you can't "buy to let" your first home. Sigh.

    You can. Either by buying outright with no mortgage or by seeking a lender that will consider this. Only a few will do so (and I haven't a clue who they are) so you will need to find a broker who can assist you.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and 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 [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • beach86
    beach86 Posts: 108 Forumite
    edited 10 July 2016 at 9:57AM
    Any idea when the new guide will go live?

    In the meantime, can anyone recommend BTL brokers specializing in Expat Mortgages?
  • Try International Mortgage Plans based in Weybridges - simple google search will show their website. I have used them to remortgage a number of times and they are very good. Adrian Wright is the owner. Some years ago they arranged a BTL mortgage for us - not sure if they still have a product available but our mortgage rate is too high now so i'll be getting in contact with them myself.
  • amnblog
    amnblog Posts: 12,404
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    Georgeseba wrote: »
    HI there, I am fairly new to this site so hope I am posting in the appropriate place. My folks live in a property I own. I currently have the mortgage in my name and they live there without paying rent or being subject to a tenancy agreement. My mortgage company tried to switch me to a buy-to-let rate but I had my folks sign a piece of paper waiving rights to be in the property.

    The rate is pretty bad in its own right (5.9%) so, with some equity in the property, I am now considering remortgaging on to a buy-to-let mortgage with a proper provider - I had not appreciated the new rules that came in during April this year that mean you cannot get a buy-to-let mortgage with family members resident in the property. Not even if you have them sign up to a proper tenancy agreement.

    Has anyone got any experience on how to handle this? It seems fairly daft and right now my only real angle of attack seems to be to turf my folks out! Either that or apply to remortgage but then I would be doing that with people in the house and I'd struggle to say it was my main property (although it would be the only property I own as I rent my family property).

    Grateful for any thoughts/creativity!

    There are lenders that will do this for you subject to affordability.

    Consult a decent mortgage broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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