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What is a consumer buy-to-let mortgage?
A consumer buy-to-let mortgage is for people who have become ‘accidental landlords’ – this happens as a result of property inheritance or when people rent out their property briefly.
There are other forms of consumer buy-to-let mortgages, such as when you intend to let your home to a family member or if you’re not a landlord by profession.
In contrast to professional landlords, consumer buy-to-let mortgages are regulated as residential mortgages. They provide consumer protection to people renting out their own properties.
What to do next for accidental landlords
You may be unsure what to do if you become an accidental landlord. Even if this happens to you, you must ensure you understand your legal obligations and avoid violating them.
In order to ensure that you are not breaching the terms of your mortgage, follow these steps:
- Be sure to inform your current lender that your situation has changed
- Permission to rent out your property should be requested
- Get in touch with a consumer buy-to-let advisor
It is important to note that letting out a property with a residential mortgage agreement constitutes a breach of the agreement. A lender may demand full payment as a lump sum for the entire debt due as a result of this breach.
Our consumer buy-to-let experts are ready to help
You could benefit from a consumer buy-to-let mortgage if you become an ‘accidental landlord’ or if you want to let a property to a family member, but it pays to speak to an expert first.
If you find yourself in this situation, then get in touch with our consumer buy-to-let advisors who will evaluate your case, offer expert insight, and work to connect you with lenders that specialise in these mortgage products.
At YesCanDo Money, we provide dedicated support throughout the entire process and offer full-market access for the best rates and deals. In addition, the whole process is free of charge for you!
Our specialist team of advisors will make the process as stress-free as possible for you, from the advice throughout to the application itself, the paperwork, and the chasing by the bank and solicitor. We also don’t charge any fees!
Get in touch with our expert advisors. You can reach us on Whatsapp, by email, or by phone. Our mortgage team is available Monday through Saturday to discuss your mortgage needs.
Learn more about Buy-to-let mortgages.
Learn the difference between Buy to Let vs Residential Mortgage
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