With buy to let properties most lenders won’t allow a family member to purchase a property with the intention of subletting it to another family member.
We’re aware that although this isn’t an overly common mortgage request, that some of our clients really needed a solution to this particular situation. We understand that families come in all shapes & sizes, with many different financial circumstances & needs so we decided to talk to our many contacts at many different lending organisations to see if we could come up with a solution.
We’re delighted to say that we now have an arrangement with a major building society where we can assist applicants to purchase a property on an interest only basis with the intention of allowing the family member to occupy.
Affordability is assessed overall on the applicant’s income and up to 50% of the potential rental income.
At the same time the scheme can be worked in reverse where for example mum and dad could sell their own property, give 25% to the children – who in turn would purchase a buy to let property on an interest only basis and allow the parents to reside in the property.
Again, in this scenario affordability is assessed on the borrowers income and up to 50% of the potential rental income.
If you think this scheme might be of interest, please contact the mortgage desk on 01704 808286. 7 days a week : 9 am to 9 pm. Please quote reference FS but rest assured, we will in any case, do a full factfind to identify the most appropriate mortgage product for you.
Decades of Mortgage Broking Experience to get you the mortgage you deserve
Call us today on 01704 808286 or complete our Factfind Application for a prompt response
Westminster Chambers • 106 Lord St Southport • Merseyside PR8 1LF
You may be required to pay a broking fee. The fee will depend on your circumstances, an indication is 2.5% of the loan subject to a minimum of £2300.
The overall cost for comparison is 4.6% APR but the actual rate available will depend upon your circumstances. Please ask for a personalised illustration.
Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.