- DWP/DSS Tenants
- Buy to Let
- Purchase & Remortgage
- To 85% LTV
- Repayment & Interest Only
- Ex Council Flats & Houses
- Professional Landlords Considered
Buy to Let DWP Tenants
A Buy to Let with DWP (Department for Work and Pensions) tenants typically refers to a buy to let property where all or part of the rent is paid for by the local council. Some people also refer to these types of properties as a Buy to Let with DSS (Department of Social Services) tenants.
The local council give DWP tenants a monthly allowance for living expenses, part of which contributes towards the rent. This in turn can be passed onto the landlord to cover the monthly rent.
There are two types of scenarios where we have assisted clients who wish to purchase or remortgage a buy to let with DWP/DSS tenants.Read More >>
Firstly, the property is rented on a long lease directly with the local authority for 2 to 5 years. The landlord does not have a rental agreement with the tenants themselves. The local authority pay the rent and are able to place their tenants into the property.
The second scenario is where the landlord rents the property directly to the tenants who receive benefit income to pay the rent.
Some lenders have, in the past, been reluctant to lend on properties let to DWP/DSS tenants – although the reasons for this remain unclear. Recently, however, a number of lenders have changed their position and are now happy to consider properties with DSS/DWP tenants.
Clients have told us that they may have approached their own Bank/Building Society for a buy to let mortgage on a property with DSS/DWP tenants and have been declined purely because the property is let to either the local authority or tenants receiving housing benefit.
Clients approaching us to arrange a buy to let mortgage with DWP/DSS tenants are often frustrated, that although their plans make sense, they have spoken to a number of lenders who will simply not consider a mortgage because of the type of tenants residing at the property.
At Rockhopper we understand that every case is different and that no clients are ever the same. That is why we apply a common sense approach to assessing whether we can assist.
If you would like to see whether we can help you raise a buy to let mortgage on a property with DWP/DSS tenants, do get in touch for a free no obligation quotation.