Hi all, i'm weighing up some options and after a little advice.
I'll be buying my first house at the start of next year and am buying well within my means. It enables me to save a considerable amount each month.
With this in mind i'm reserching buying a BTL as well as making overpayments to my own mortgage. AND with this in mind i'm looking to let to my parents who currently rent and could do with this being reduced, they've always been there for me and i'd like to help them out and tie it all together in my plans.
My question is, are there any differences in applying for a mortgage when renting to relatives? reduced deposit requirment for example? I could come up with 10% by the end of next year and would love to get them in ASAP so they can have a bit more cash left over each month (as i'll not be charging them a huge amount in rent - around £200 a month less than they currently pay)
if I have to save 30% it's not a huge issue just curious if there's anything I can do to move things along that little bit quicker :)
I'll be buying my first house at the start of next year and am buying well within my means. It enables me to save a considerable amount each month.
With this in mind i'm reserching buying a BTL as well as making overpayments to my own mortgage. AND with this in mind i'm looking to let to my parents who currently rent and could do with this being reduced, they've always been there for me and i'd like to help them out and tie it all together in my plans.
My question is, are there any differences in applying for a mortgage when renting to relatives? reduced deposit requirment for example? I could come up with 10% by the end of next year and would love to get them in ASAP so they can have a bit more cash left over each month (as i'll not be charging them a huge amount in rent - around £200 a month less than they currently pay)
if I have to save 30% it's not a huge issue just curious if there's anything I can do to move things along that little bit quicker :)