Finding a mortgage for a property you plan to let to family can be a challenge. This is because there is a greater consumer protection framework so some lenders choose to shy away from the additional paperwork. Never fear though as Niche Advice have a number of excellent Family Let Mortgages to choose from.
Family Let Mortgage Products
- Let the property to members of your family.
- The rent can be under market value but must meet the lenders minimum requirement.
- There must be a formal tenancy agreement in place.
- Help out your family whilst retaining your asset.
No upfront Broker fees by us. You only pay once the deal completes.
Example Product Rate and Fees – Family Let Mortgages
The total amount you must pay back, including the amount borrowed is £339,557
Features: Let the property to family members. There is an upfront tenancy fee £75.
|Type and initial benefit period||Lifetime term discount of 1.50%|
|Minimum deposit / equity:||25%|
|Telegraphic transfer / CHAPS fee||£25|
|Early repayment charge||5/4/3/2/1% of the amount repaid in the first 5 years|
For more information on HMO Mortgages visa Niche Advice please also visit our dedicated HMO Mortgage page.
For more information on HMO Mortgage and Remortgage Products please call complete the enquiry form on this page or call the number below.
Any property used as security, which may include your home. may be repossessed if you do not keep up repayments on your mortgage
Residential and Buy to Let Mortgages
Rates current as at 16/9/17 . The overall cost for comparison is based on an open market value of £300,000 over a 25 year term. Right-to-Buy examples are based on a discounted purchase price of £200,000. Repayment for Residential and Interest only for Buy-to-let (unless otherwise specified). Eligibility will depend on your own personal circumstances.
KEY – ERC = Main early repayment charge.
The purpose of this web is for information only and is based on a fictitious illustrative scenario. It does not constitute a Mortgage Offer in any way.
It is essential that you seek independent mortgage advice as a suitable product will be based on your own individual circumstances. An interest rate should not be read in isolation, and you should refer to your personal key facts illustration and Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisors before entering into a mortgage contract with the lender.
The information contained herein is based on research through the Trigold (IRESS UK) sourcing system. When first published to this site the data is normally 24 hours behind real time, and may or may not still be available.
A first charge over your property is required as security for the loan.
The formal mortgage offer of an advance will be subject to a valuation and other satisfactory references.