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Buy to Let for Family Member

  • Family Tenants
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Buy to Let for Family Member

We are sometimes approached by clients who are looking to arrange a “buy to let” mortgage either to purchase a property or remortgage an existing property which is going to be, or already is, occupied by a close relative (e.g. spouse, civil partner, children, parents, brothers and sisters),

We approach these cases in a number of ways – either as a Regulated Buy to Let or Second Home for Dependant Relative.

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Regulated Buy to Let

Firstly, if the occupiers of the property are paying or will pay rent and there is/will be a standard Assured Shorthold Tenancy (AST) agreement in place then we would treat the mortgage as a “Regulated Buy to Let”.

This, in effect, is a buy to let mortgage from a lender offering “regulated buy to let” mortgage products. A “regulated buy to let” mortgage is different to a standard buy to let mortgage in that it provides regulatory protections for the applicant(s) – such as access to the Financial Services Compensation Scheme (FSCS) and is designed to give additional protections to clients arranging a mortgage on a property occupied by Family Members.

A “regulated buy to let” mortgage would typically be available up to 75% loan to value on either a repayment or interest only basis. The mortgage would usually be assessed using the rental income to cover the mortgage payments, however some lenders can look at personal income to cover any shortfall.

Second Home for a Dependant Relative

Secondly, if the occupiers of the property are not paying or will not pay rent and there is not/will not be a standard Assured Shorthold Tenancy (AST) agreement in place then we would treat the mortgage as a “Second Home for Dependant Relative”.  This type of approach could also be suitable if the occupiers of the property are also making a contribution to bills such as council tax, electric, gas, water etc.

This, in effect, is a second home residential mortgage from a lender offering “second home residential” mortgage products. A “second home residential” mortgage is different to a standard residential mortgage in that the mortgage is arranged on a property occupied by family members and is not the applicant’s main residence.

Some lenders may also be comfortable with one or two rooms at the property being let out to lodgers. This scenario usually occurs where parents purchase a property for their son/daughter at university where one or two of the rooms are also let out to other students as lodgers. A number of our clients have opted for this approach and arranged the mortgage as “joint applicant sole proprietor” where their son/daughter owns the property as their main residence and takes advantage of any stamp duty/capital gains tax exemptions available to them on purchase/resale.

A second home residential mortgage would typically be available up to 75% loan to value – however some lenders can consider up to 90% loan to value. The mortgage is usually arranged on a repayment basis – but can be arranged on an interest only basis, usually up to 75% loan to value and subject to a suitable repayment vehicle being in place.

The mortgage would usually be assessed using the earned income of the applicant(s). Lenders will want to ensure that the applicant(s) are able to cover both their existing main residential mortgage and also the second home mortgage plus any associated property running costs.

Clients have told us that they may have approached their own Bank/Building Society for a family buy to let mortgage, only to have been declined or refused as their Bank/Building Society do not provide the specialist products they need.

Clients approaching us to arrange a buy to let mortgage for a family member 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 family members 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 family buy to let mortgage, do get in touch for a free no obligation quotation.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Rates are updated daily and can be withdrawn at anytime without notice by lenders.”

Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Commercial Mortgages and some forms Buy to Let mortgages are not regulated by the Financial Conduct Authority.
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Excellent Service

Outstanding from start to finish. Great communication throughout. They fully explained everything an....
For service -  Resi/Remo/8 Main Drive
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Really happy with the service given much appreciated thank you

By: Steven Brown
Friendly and polite service kept me informed on what was going on Really happy with service given th....
For service -  Resi/Remo/ Keep Hill Close
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Amazing

Very helpful, and took the stress out of finding a mortgage that suited us. David and Alex were amaz....
For service -  Resi/Purchase/Field Gate Close
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Excellent service, really felt involved and well informed,thoughout

By: Kathryn Thompson
Very professional, communication excellent, David and Alex were lovely to work with, I had full co....
For service -  Resi/Purchase/Roehedge
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knowledgable and easy

By: Bramadarshan Ganesan
Thank you for your help withthe mortgage.....
For service -  Resi/Purchase/Hebron Court
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Knowledgable & Trustworthy

By: Zara Truscott
My partner had previously used Rockhopper and was thoroughly satisfied with the service from David. ....
For service -  Purchase/37a Leek Road
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Great communication and efficient handling of mortgage application!

Great service from David and Alex. Found us as good a deal that was available to us at the time, spe....
For service -  Resi/Remo/Victoria Avenue
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Excellent service

Calm and efficient service. Good communications. All went according to olan.....
For service -  Resi/Purchase/Barclaugh Drive
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Returned customer. Very Professional and Knowledgeable Mortgage brokers.

I have always been impressed by the professionalism of the brokers at RockHopper. I worked with them....
For service -  Resi/Remo/Waverley Avenue
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Excellent Service. Would highly recommend.

I received excellent service from David & Alex. Great communication and very efficient, it was a ple....
For service -  Resi/Purchase/Brighton
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Very professional and found us a solution when other brokers couldn't.

David spent time finding a solution for our non standard requirements which other brokers could not ....
For service -  Resi/Remo/Cherrington
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All thanks to Rockhopper, we have just completed on our new home...

By: Graham Fisher
We've just completed on our new home and its all thanks to Rockhopper. Our circumstances are not the....
For service -  Resi/Purchase/Newtown
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Efficient, transparent and helped us get a mortgage when no one else could!

By: Nzinga Akinshegun
Very efficient. Both David and Alex went above and beyond to get us a mortgage. They would answer em....
For service -  Resi/Purchase/Hamslade Cottage
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Great Service, Patient and Helpful.

By: Edward Impey
Kept us informed, looked at different options but mainly sourced us finance where everyone else stru....
For service -  Resi/Purchase/Hamslade Cottage
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Highly Recommend

Great service, unfortunately hampered by terrible service from the lender. David went the extra mile....
For service -  Product TX/Dale Street
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Rockhopper is awesome!

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Service and communication always professional and efficient. David and Alex were a pleasure to deal ....
For service -  FTB/BTL/Purchase/St Georges Gate
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Excellent service

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RockHopper were efficient and effective and I would not hesitate to recommend them.....
For service -  ProductTX/Westcote Road
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Rockhopper was great service to arrange out mortgage. We found great options quickly and they helpe....
For service -  Resi/Remo/Cleveland Road
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David Rostron helped us finding the perfect mortgage. Highly recommend.

By: Ivor Du Merwe
Service was great and David knows literally everything in the mortgage market.....
For service -  JASP:Resi/Purchase/Woodlands House
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Excellent customer service

By: Christopher Spicer
Great services from start to finish from Alex & David. Good communication and dealt with everything ....
For service -  Resi/Purchase/Bruneval Gardens
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RockHopper Mortgages is a trading style of RockHopper Origination Limited, an appointed representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Some forms of Buy to Let mortgages and Commercial mortgages are not regulated by the Financial Conduct Authority.

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

RockHopper Origination Limited is a company registered in England and Wales with company number 10241688. Registered Office:Rockhopper, Blackwell House, Guildhall Yard, London, EC2V 5AE

The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

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Tel: 0203 621 5696
Fax: 0203 621 5697
Email:info@rockhopper.uk.net

Address: Rockhopper, Blackwell House, Guildhall Yard, London, EC2V 5AE

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