Joint BTL Question

[caymanbill]

Hi finance folks,
i'm looking at buying a rental property with my partner. She currently has a residential mortgage on a house she lives in, and i rent. We where declined a BTL mortgage by HSBC today because I'm a mere rental pleb, i hadn't realised that both parties need to be home owners. Is this the case across the board, or specific to certain lenders (i cant really find any concrete information on this anywhere)

Thanks!

Edited by caymanbill on Tuesday 22 September 21:35

[caiss4]

BTL mortgages don't allow you to 'let' to close family so maybe you're rental status may have flagged that the purchase was for your benefit?

[Sarnie]

caymanbill said:

Hi finance folks,
i'm looking at buying a rental property with my partner. She currently has a residential mortgage on a house she lives in, and i rent. We where declined a BTL mortgage by HSBC today because I'm a mere rental pleb, i hadn't realised that both parties need to be home owners. Is this the case across the board, or specific to certain lenders (i cant really find any concrete information on this anywhere)

Thanks!

Edited by caymanbill on Tuesday 22 September 21:35

Just certain lenders......

The thinking would be "Why does this couple, who do not live together yet, want to buy a BTL together before they've bought their own place to live in?"

The suspicion would be that you aren't actually a couple of this person is actually helping you circumvent lending criteria and before long, you'll be living in the property......