Hi,
The building I live in was at one time one big house but some time ago was split into two flats (ground floor and first floor), which have separate front doors and house numbers. I live in the first floor flat and another tenant rents the ground floor one. Both flats are owned by the same person.
The two flats are currently up for sale as one lot. My question is if I were to buy the building (I would be a first-time buyer), with the intention of continuing to live in the second-floor flat and renting out the ground floor flat to the existing tenant, would I be able to do this on a residential mortgage?
I know that it is possible to rent out a room in a house without a BTL mortgage but I'm unsure how this translates when buying one building which is split into two separate properties.
Thank you in advance for your help,
Ruth
The building I live in was at one time one big house but some time ago was split into two flats (ground floor and first floor), which have separate front doors and house numbers. I live in the first floor flat and another tenant rents the ground floor one. Both flats are owned by the same person.
The two flats are currently up for sale as one lot. My question is if I were to buy the building (I would be a first-time buyer), with the intention of continuing to live in the second-floor flat and renting out the ground floor flat to the existing tenant, would I be able to do this on a residential mortgage?
I know that it is possible to rent out a room in a house without a BTL mortgage but I'm unsure how this translates when buying one building which is split into two separate properties.
Thank you in advance for your help,
Ruth