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what mortgage if any? help please

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  • what mortgage if any? help please

    hi my father is keen to purchase a property for me the house is valued at £135,000, we have a deposit of approx £110-115000 so my dad wants to lend a mortgage of approx £25,000.

    he has looked into the buy to let interest only mortgages but we are being knocked back due to the regulations on buy to let for family member which is really stupid with the size of deposit we have.

    a normal mortgage is coming in to expensive for what he wants to pay is there any way around this problem does anyone know which lenders will go for a buy to let for family member, does it even get checked out if a family member moves in

  • #2
    Re: what mortgage if any? help please

    Hi Richy,

    In general lenders don't allow family members to live in the property as there could be some form of family argument and them then refusing to pay the rent hence not paying the mortgage.

    A way around it would be to get a buy to let and then get a family member with a different name to take out an Assured Shorthold Tenancy Agreement as if they are living in the property. This though can be deemed as mortgage fraud for a little while lie but that's the only way around it.

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