Property Query

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    Property Query

    Hi All,

    new poster here with a question about purchasing a property.

    I am looking to buy a property that I will let out for the first 1 to 3 years but after that I intend to move in to it for my retirement. Is a buy to let mortgage the way to do this?

    Cheers Soupie

    #2
    Contact a good broker and discuss it with them. They will recommend and appropriate lender and mortgage type

    Comment


      #3
      Getting a straight forward BtL is absolutely no problem as long as you meet the minimum income requirements and the rental is sufficient using the applied Rental stress calculations. At this moment in time such a transaction is deemed as a Non Regulated Mortgage and falls outside the scope of the FCA; Onceyou elect to move into the property, the dynamics change where the lender will determine your ability to fund the mortgage using your primary income from PAYE or Self Employment and taking full account of normal day to day expenditure and the liabilities attached to Credit Card/ Bank Loans and PCP payments, Furthermore the loan term could be reduced if you do not have a suitable level of income from Private Pensions ( State Benefits are excluded) and depending on the lender Interest Only payments are only permitted in the LtV is relatively low otherwise the loan would be required to be paid on a Capital & Interest Basis.
      As DPT suggest consult a good broker who will advise on which are the most approachable lenders for applications such as you are seeking.

      Comment


        #4
        Why do you need a mortgage if you are so near to retirement ?

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