New buy to let mortgage for 2018 allows you to rent out to your family.
A new kind of buy to let mortgage has been launched by Mansfield Building Society that allows landlords to purchase a property to rent out to a close family member.
Apart from the benefit of being able to help out your parents, siblings or children, the ICR comes in at 100% instead of the more usual 125%. This means that the rent charged is equal to and not greater than the monthly mortgage repayment figure.
Certain stipulations are being made, however, which include landlords having a minimum income of no less than £20,000.
The mortgage details are:
3 year discounted variable rate from 4.24% for up to 75% LTV.
Fees are applicable and must be taken into account but a Deal Direct adviser can take you through all of the details and everything else you need to know about applying for this product.
We are regulated to offer independent mortgage advice; however, we are not regulated to offer general financial advice. If you want to discuss the suitability of a property as an investment, you will need to contact an independent financial adviser.
Please note that buy to let mortgage applications from:
- applicants whose intention is to benefit from house price growth
- applicants whose intention is to benefit from rental income
- applicants who are letting to buy
will be treated as a normal buy to let and not as a consumer buy to let. In addition, their subsequent remortgage applications will also be treated in the same manner.
To discuss buy to let mortgages, call 0800 048 8828 now.
