A secular use for a controlled 👪 family buy-to-let mortgage is for guardians to buy a property and rent it to their 🧒 child, while they are at university for case, or just beginning out at work.
It might also be used if you have elderly guardians that need to move someplace smaller. In contrast to standard buy-to-let loans, family purchase to let also allows you – the 🏠landlord – to live within the property as well, should you like or want to. It’s important to note what constitutes family members from the lender’s point of view. For case, if you are letting to a near family part, such as a parent, child, grandparent, or sibling, a family purchase to let would be required.
However, in case you didn’t need to live within the property and were as it was leasing to 👧 close relatives, uncles, or cousins you may still possibly use an unregulated buy-to-let contract – continuously check the terms from the bank before you proceed.
Similarly, you may not need a family buy-to-let mortgage if a family member is occupying less than 40% of the property. This might be the case, for example, if you are buying a student property and are only letting one of a number of rooms to your child.
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